News:

Sign up for the monthly zoom events by sending a PM with your email address to Hitesh

Main Menu

Will Saudi Arabia coins change?

Started by Pabitra, November 25, 2020, 12:52:09 PM

Previous topic - Next topic

0 Members and 1 Guest are viewing this topic.

Pabitra


eurocoin

I posted this earlier today and shortly after that deleted the message and let the topic be deleted.
This is fake news of Reuters.

FosseWay

There is nothing in the legends on the current coins that needs changing.

On the latest series of coins (1438 H / 2016) the sum total of all the text, in Arabic, English and numerals, is:

- denomination
- country name
- king's name and titles

Some of the above is repeated in different formats or languages depending on denomination, but they all carry that basic info.

The earlier coins (I don't know if they're still current) appear to be similar, just without the English denomination.

Pabitra

#3
Quote from: eurocoin on November 25, 2020, 01:27:25 PM
This is fake news of Reuters.

This is not a fake news or from Reuters.
Here is link from Saudi Gazette

https://saudigazette.com.sa/article/600706

Or the bank site information

https://www.sama.gov.sa/en-us/news/pages/news-629.aspx

eurocoin

Of course I mean that it is fake news that the name is on the coins. It is not. The coins do not need to be changed. It is fake news of Reuters.

This topic can be deleted, just like mine earlier today.

Bimat

Misinformation, rather than fake news. The banknotes (from the current King Salman series as well as previous ones) depict the text "Saudi Arabian Monetary Authority" so new banknotes are likely. The reporter obviously did not do the research, so he/she took it for granted and added coins too.

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

Pabitra

SAMA was earlier known as Saudi Arabia Monetary Agency.
It used to issue coins of sub units only. 1 Riyal is 100 Halala and the highest coin was denominated as 100 Halala and not 1 Riyal.
Many nations issue coins of sub unit only. Some of them are Oman, Jordan, Malaysia, Suriname etc.

It was later upgraded to Authority. It means more powers and responsibilities.
It then issued coins of 1 and 2 Riyal too.

This up-gradation to a central bank means that it may be able to issue higher coins.
Bangladesh issues 1 and 2 Taka coins from the government whereas 5 Taka coin is issued by Bangladesh Bank.
In Hong Kong, the monetary authority can issue coins and note upto 10 Dollars only.
The higher notes are issued by three banks.

Each sovereign nation has its own laws and traditions.
Whatever may be the outcome, one thing is very clear that this is enhancement of powers available with SAMA and I for once, am looking forward to bimetallic 5 and 10 Riyals.