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Wednesday, December 07, 2016

SR1 BANK NOTE WILL BE HISTORY IN KSA



One Riyal (SR1) note will soon be part of the history of Saudi Arabia.







According to Arab News Report, the Saudi Arabian Monetary Agency (SAMA) plans to stop printing SR1 note.

The SR1 note will be phased out and the new SR2 coin will be introduced.

Although it is not clear when is the specific date of the imposition of new currency in the Kingdom.



The report said SR1 and SR2 coins will be ideal for buying soft drinks and other small items and services, including parking meters. 

The objective of this is to ensure that 80 percent of the public use electronic means to buy goods and services.

Currently, 84 percent of the population of the Kingdom prefer cash in their transactions.





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