Saudi banks prepare for riyal coins

The new Saudi coins are shown in this combination image. (Courtesy: Saudi Arabian Monetary Authority)
Updated 02 December 2017
0

Saudi banks prepare for riyal coins

LONDON: Banks across Saudi Arabia are preparing for the transition from one riyal notes to one and two riyal coins by sorting, counting and depositing them within the banks.

The Saudi Arabian Monetary Agency (SAMA) directed the banks in a letter that that they should stop dealing with the one riyal paper currency gradually until all the notes have completely disappeared across all branches.

SAMA had earlier unveiled a new design of coins in different denominations, including the one riyal and the new two riyal coins. The other coins are in the 50-halala, 25-halala, 10-halala and one-halala denominations.

At a press conference during the launch of the annual release of monetary currency, SAMA said that procedures were in place for handling the coins in all commercial banks and indicated that high speed checking machines had been installed and that the coins would be accepted to facilitate circulation.

Sources revealed to Al-Eqtisadiah newspaper that banks in Saudi Arabia continue to prepare for the transition to Riyal coins in various stages and that this process may take up to six months. They added that it would be overseen by specialist global companies.


Oil prices rise on signs Iranian oil exports are falling further

Updated 16 October 2018
0

Oil prices rise on signs Iranian oil exports are falling further

SEOUL: Oil prices rose on Tuesday on signs Iranian oil exports this month have fallen from September ahead of US sanctions against Tehran that are set to start in November.
International benchmark Brent crude for December delivery rose 27 cents, or 0.33 percent, to $81.05 per barrel by 0325 GMT.
US West Texas Intermediate crude for November delivery was up 12 cents at $71.90 a barrel.
Iran has exported 1.33 million barrels per day (bpd) to countries including India, China and Turkey in the first two weeks of October, according to Refinitiv Eikon data. That was down from 1.6 million bpd in September, the data showed.
The October exports are a sharp drop from the 2.5 million bpd exported in April before US President Donald Trump withdrew from a multi-lateral nuclear deal with Iran in May and ordered the re-imposition of economic sanctions on the country, the third-largest producer among the members of the Organization of the Petroleum Exporting Countries (OPEC).
The sanctions on Iran’s petroleum sector will go into effect on November 4.
“Uncertainties will remain until Nov. 4 when it would be clear whether the United States would want to cut Iran oil exports to zero or grant waivers,” said Vincent Hwang, commodity analyst at NH Investment & Securities in Seoul.
“Brent prices are likely stay in the range of $80 a barrel or slightly higher, while WTI prices are likely to be $70-$75 a barrel,” Hwang added.
With the world’s only sizable spare oil output capacity, Saudi Arabia is expected to export more to offset the loss of Iranian oil supply from the sanctions.
Saudi Arabia’s Energy Minister Khalid Al-Falih said on Monday at a conference in New Delhi that the kingdom is committed to meeting India’s rising oil demand and is the “shock absorber” for supply disruptions in the oil market.
US crude stockpiles were forecast to have risen for the fourth straight week by about 1.1 million barrels in the week ended October 12, according to a Reuters poll ahead of reports from the American Petroleum Institute (API) and the US Department of Energy’s Energy Information Administration (EIA).
The API’s data is due for publication at 4:30pm on Tuesday, and the EIA report is due at 10:30am on Wednesday.