SAMA Withdraws One Riyal Currency Note

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The Saudi Arabian Monetary Authority (SAMA) plans to gradually introduce riyal coins into circulation to replace currency notes, Al-Eqtisadiah newspaper reported, citing Walid Al-Sayyal, head of the currency department.

The one riyal currency note accounts for 49 percent of the volume of traded cash, as it is often dealt with people and rarely deposited into banks, he said.