Saudi Arabia launches new currency

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Saudi Arabia launches new currency

RIYADH: The Saudi Arabian Monetary Authority (SAMA) announced on Sunday that a new polymer currency in the five riyal denomination will be in circulation from Monday, October 05.

The issue of polymer notes during the era of Custodian of the Two Holy Mosques King Salman was based on Article 4 of the Saudi Monetary Law issued by an earlier royal decree.

Both the designs and colors of the polymer banknotes are similar to those of the cotton five-riyal paper notes that are currently in circulation, the central bank said in a statement link.

The difference is in technical specifications and security features for the new denomination.

SAMA said that the new denomination would go side by side with the five-riyal, as well as the rest of the sixth issue of paper notes, which are in circulation as legal tender.