Saudi cbank said to mull coins to replace small bills

30/05/2016 Argaam

Saudi Arabian Monetary Agency (SAMA), the kingdom’s central bank, plans to issue coins in denominations of SAR 1 and SAR 2 soon, Makkah newspaper reported citing unnamed sources.

 

The new coins will replace existing paper notes in these denominations, which will then be gradually withdrawn from the market, the sources added.

 

Talat Hafiz, the secretary general of the media and banking awareness committee of Saudi banks, said that the SAR 1 and SAR 2 coins will create a real trading value.

 

SAMA had previously emphasized the importance of coins as a part of the currency system, he added.  

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