SAMA to begin using one-riyal coin currency on Thursday

Saudi Arabian Monetary Authority (SAMA), the Kingdom’s central bank, will start dealing with the one-riyal coin currency on May 24.

The new coin currency will be used in parallel with the one-riyal paper currency until all the notes have dissipated across the Kingdom, in line with a set timeframe.

“The transition to the one-riyal coin currency will reflect positively on the whole economy,” SAMA said in a statement today.

In December 2016, Saudi Arabia launched the sixth issue of banknotes and coins of the Saudi riyal to mark the era of King Salman, bearing the motto “confidence and security.”