SAMA to gradually replace riyal banknotes with coins: official

The Saudi Arabian Monetary Authority (SAMA) plans to gradually introduce riyal coins into circulation to replace banknotes, Al-Eqtisadiah newspaper reported, citing Walid Al-Sayyal, head of the currency department.

The riyal banknote accounts for 49 percent of the volume of traded cash, as it is often dealt between people and rarely deposited into banks, he said.

In December 2016, SAMA unveiled the sixth edition of Saudi currency, including the new one-riyal and two-riyal coins, in addition to coins in the 50-halalah, 25-halalah, 10-halalah, 5-halalah and one-halalah denominations.