Sama Withdraws Riyal Currency Note From Circulation

The Saudi Arabian Monetary Authority (SAMA) plans to withdraw one Riyal currency note from circulation and replace it with Riyal coins, Al Ekhbariya reports.

SAMA will bring 700 million worth of riyal coins into circulation. This will be one fourth of the total currency in circulation.

According to SAMA, the average life expectancy for metal coins is about 30 years compared to 12 -18 months for paper ones depending on trading circumstances.