The Saudi Arabian Monetary Authority confirms that the one Riyal banknote will start replacing with coins from Thursday, 24/05/2018
However, the banknote will continue in trade until withdrawn completely as per time plan.
The main reason to replace one riyal banknote with the coin is 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 authority said.
New coins will be available in following denominations.
- One Riyal
- One Halala
- Five Halala
- Ten Halala
- Twenty Five Halala
- Fifty Halala
- Two Riyals