JEDDAH, 23 August 2006 — Saudi authorities have increased vigilance at all entry points into the Kingdom including airports, seaports and border roads to stop fake Saudi currency from entering the country.
The move comes after Egyptian police announced that they had arrested a gang of counterfeiters which specialized in forging Egyptian and Saudi bills. Egyptian police revealed that the gang had made a considerable amount of SR500 and SR100 bills.
A source at a local airport told Arab News that Saudi riyals carried by travelers would be examined by experts from the Saudi Arabian Monetary Agency (SAMA) in order to ensure no counterfeit currency enters the Kingdom.
The source, however, did not specify how much fake Saudi money was currently in circulation. Anti-forgery regulations in the Kingdom stipulate that anyone found guilty of making and circulating fake riyals would be liable for a jail sentence anywhere between five and 25 years in addition to a fine ranging between SR30,000 and SR500,000. Anyone found in possession of counterfeit currency or forgery machines would also be liable for a similar punishment.
An official at a currency exchange firm in Jeddah said forged currencies could be easily detected by checking the quality of paper, size and color.
Employees working at another currency exchange firm in the city said that official agencies could easily identify fake money. “The fake currency is often brought in by individuals and smugglers,” one official explained.
A central banking group has been established in the Kingdom to prevent forgery. The group, consisting of 27 banks and agencies, will meet annually to exchange views and propose new measures to counter forgery.
Bank officials and moneychangers across the Kingdom fear that a considerable amount of money may enter the Kingdom with Saudi tourists and Egyptian expatriates returning from Egypt. This summer around 500,000 Saudis visited Egypt. It is understood that Saudi Arabia and Egypt will be establishing a committee to study the issue and seek out ways of stopping such crimes.
