Saudi banks do not face FX shortage: Talaat Hafez

Saudi Arabia’s banks do not face any shortage of foreign exchange, Al-Yaum newspaper reported on Wednesday, citing Talaat Hafez, Secretary General of the Media and Banking Awareness Committee of Saudi Banks.

“The Saudi Arabian Monetary Authority usually provides banks with the required stocks of foreign currencies in case of shortage,” Hafez said.

All local banks should meet client demand and provide them with the required banknotes or coins, he added.

In 2016, the Kingdom’s central bank introduced the sixth issue of national banknotes and coins, Argaam reported.

A new design of coins was unveiled in different denominations, including the new two riyal coins. The other coins are in the 50-halala, 25-halala, ten-halala, five-halala and one-halala denominations.