The Saudi Arabian Monetary Authority (SAMA), the central bank and insurance sector regulator, has ordered all banks operating in the Kingdom to stop accepting Qatari currency, Al-Eqtisadiah newspaper reported on Monday.
The regulatory guidelines were also issued on the sale of the Qatari riyal.
Meanwhile, bank transfers are still available, it was reported.
The decision came after Saudi Arabia, United Arab Emirates, Bahrain and Egypt cut off diplomatic and consular ties with Qatar on Monday over its alleged support for Islamist groups.
Yemen, Libya's eastern-based government, the Maldives, and Mauritius also severed diplomatic relations with the Gulf nation.
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