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Say Goodbye To The 1 Riyal Banknote As SAMA Plans To Replace It From This Thursday
The SAR1 note that we’ve all gotten accustomed to will be bidding adieu this Thursday, according to Saudi Gazette. The one-riyal note will be soon be replaced with the one-riyal coins.
The Saudi Arabian Monetary Authority (SAMA) announced the news on Wednesday from their official website. It is said that the SAR1 banknote takes up ‘49% of the volume of traded cash because it’s mostly dealt with people and rarely deposited into banks’.
We’ll probably still be seeing the SAR1 banknote around until sometime
The new Saudi currency was presented to the public in December 2016 by SAMA. It included the new one-riyal and two-riyal coins, as well as halalahs in 25, 50, 10, 5 and one.
The new SAR1 coin has a portrait of The Custodian of The Two Holy Mosques King Salman in the centre.
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