Saudi Arabia: New Coins and Banknotes Planned

Started by Bimat, July 13, 2015, 07:04:15 AM

Previous topic - Next topic

0 Members and 1 Guest are viewing this topic.

malawi

two bimetalic like nice !

The largest bimetallic  like copper ring and brass center ?

Jostein

Eurocoin YOU RULES!

1 halalah coin is back after a lot of time  ::)
"Change is the law of life. And those who look only to the past or present are certain to miss the future" - John F. Kennedy

http://www.bimetallic-coins.com

eurocoin

#17
Going live within a few minutes:

Edit: The unveiling ceremony can now be replayed below, it starts at 2:13:18.


eurocoin

#18













Jostein

 :o Beautifull coin series!!  :)

Thank you so much eurocoin.
"Change is the law of life. And those who look only to the past or present are certain to miss the future" - John F. Kennedy

http://www.bimetallic-coins.com

eurocoin

Quote from: Jostein on December 13, 2016, 07:08:08 PM
:o Beautifull coin series!!  :)

Thank you so much eurocoin.

:) While I do like the style of these new coins, I would have preferred the thematic designs they had promissed.

<k>

#21
Yes, a big disappointment.   :hammer:
Visit the website of The Royal Mint Museum.

See: The Royal Mint Museum.

Bimat

The reasons Saudi Arabia stopped issuing paper riyals

Staff writer, Al Arabiya English
Wednesday, 14 December 2016
Last Update: Wednesday, 14 December 2016 KSA 11:50 - GMT 08:50

The Saudi Arabian Monetary Agency (SAMA) released new designs of Saudi banknotes and coins, the Saudi Press Agency reported.

The new Saudi Arabian currency notes have added security lines and new features that make forgery difficult.

The Saudi Arabian Monetary Agency said the one Riyal category will be issued into coins due to the increase of the one Riyal banknote in circulation.

"The number of one Riyal banknotes constitutes half of the banknotes in circulation. This posed challenges and it was thus decided to gradually replace it with coins," the monetary said.

"Coining and circulating the Riyal coin has many positive effects on the Saudi economy because the average coin cycle is between 20 and 25 years while that of paper currency is estimated between 12 and 18 months, depending on the circumstances of circulating it," the monetary added.

Walid al-Sayyal, head of the currency department at the monetary, commented on adding the 2 Riyals category to the currency saying it will be introduced in a coin form due to suffering from harmful bacteria on paper currency and to continuously replacing banknotes as they damage faster than coins.

The small categories of currency will be available in markets, centers, malls, banks and the monetary as of December 27.

The ministry of commerce will follow up on violations and deal with those who refuse to trade with coins. It will impose the necessary measures in coordination with the monetary institution. The monetary institution's administration will also study the market's needs and gradually withdraw the fifth issue from circulation.

Releasing ceremony
The releasing ceremony was held in the presence of Ibrahim al-Assaf, minister of state and member of the Cabinet, and SAMA Governor Ahmed al-Khulaifi.

Speaking on the occasion, al-Khulaifi said that the newly released coins and banknotes will be available at all branches of SAMA from Dec. 26.

SAMA has introduced SR2 in the form of coins.

Source: Al Arabiya
It is our choices...that show what we truly are, far more than our abilities. -J. K. Rowling.

Bimat

Individuals can get maximum SR3,215 in new banknotes, coins

Dec 28, 2016

By Abdul Rahman Al-Misbahi

JEDDAH — The Saudi Arabian Monetary Authority (SAMA) has started distributing new Saudi currency banknotes and coins at its main branch in Jeddah.

An individual can exchange a maximum of SR3,215. The branch was overcrowded on Monday with customers keen to get the new banknotes and coins.

Under SAMA's instructions to its 10 branches all over the Kingdom, each individual can obtain five pieces of SR2 and five pieces of SR1 coins.

Each Individual can also get SR100 consisting of SR5 and SR10 banknotes while a maximum of SR1,000 will be given in the denominations of SR50, SR100 and SR500 banknotes.

A source in a bank said the new currency banknotes have not been deposited in ATMs simply because these have not reached the bank. He said December salary payment will be made in old currency.

Director of SAMA's currency issue Naif Al-Sharan said that some banks have not received new currencies because of transportation difficulties.

There are 12 commercial banks in the Kingdom with 1,996 branches all over the country. Together, the banks have 17,623 ATMs.

Source: Saudi Gazette
It is our choices...that show what we truly are, far more than our abilities. -J. K. Rowling.


Bimat

ATMs yet to recognize new Saudi banknotes

Jan 8, 2017

JEDDAH — It's almost a fortnight since the central bank started issuing new currency notes, yet many ATMs are refusing to accept new banknotes.

A source in a bank said that many ATMs are refusing to accept new banknotes because they are unable to identify these. These machines have not been updated to accept new currency notes by identifying their security marks and dimensions.

The Saudi Arabian Monetary Authority (SAMA) released last month new designs of Saudi banknotes and coins.

Speaking on the occasion, SAMA Governor Ahmed Al-Khulaifi said that the new coins and banknotes will be available at all branches of SAMA from Dec. 26.

SAMA has introduced SR2 in the form of coins and also minted coins of SR1. It said the SR1 denomination notes will now be issued in coins due to the high number of SR1 banknotes in circulation. Walid Al-Sayyal, head of the currency department at the monetary agency, said that SR2 denomination has been introduced in a coin form because harmful bacteria affected paper currency which has to be continuously replaced, as they get damaged faster than coins.

Source: Saudi Gazette
It is our choices...that show what we truly are, far more than our abilities. -J. K. Rowling.

Bimat

Saudi banks prepare for riyal coins

Sunday 03 December 2017

Saudi banks have been advised to make the gradual transition from one riyal notes to one and two riyal coins by depositing them within the banks.

The Saudi Arabian Monetary Agency (SAMA) told the banks in a letter that they should stop dealing with the single riyal paper currency until the notes have completely disappeared from all branches, according to local media.

SAMA has revealed the design of the new coins, which include the one riyal and two riyal coins, as well as the 50 halala, 25 halala, 10 halala and one halala denominations.

At the launch of the annual release of monetary currency, SAMA said procedures were in place for the handling of the coins in all commercial banks, and that high speed checking machines had been installed.

Local newspaper Al Eqtisadiah said that Saudi banks are preparing for the transition to riyal coins in stages and that this process may take up to six months, overseen by specialist global companies.

Source: Gulf Business
It is our choices...that show what we truly are, far more than our abilities. -J. K. Rowling.