SR152.5 billion worth of riyal notes printed in 2012

Recent data released by the Saudi Arabian Monetary Agency (SAMA) revealed that the total quantity of riyal notes printed in 2012 amounted to the value of SR152.5 billion, more than 550 times of the total coin quantities minted the same year, which amounted to SR 273.6 million.
Controversy has raged lately over the intentions of SAMA to mint coin riyals instead of paper notes. SAMA has dismissed it.
The special investigation unit at Al-Eqtisadiah newspaper prepared a report in this regard showing the quantities SAMA has printed and minted during 2012 and their comparable costs.
Paper notes are more widely used since they are easier to handle and store, lighter in terms of weight and are less costly to print. But paper money is more prone to depletion than metal, and the cost of production sometimes works out more in the long run.
There are eight different denominations of the riyal, which include a single riyal, five, 10, 20, 50, 100, 200 and 500 riyals.
The largest quantities printed last year among these denominations are the 500-riyal notes, with total quantities amounting to SR122 billion. The 100-riyal note follows, with SR20.9 billion and the 50-riyal note with SR5.1 billion. Next comes the 10-riyal note with SR1.7 billion, and lastly the one and five-riyal notes, with SR990.8 million and SR965.7 million respectively.
The least quantities printed of the above denominations of the national currency are the 200 and 20-riyal banknotes. The value printed of the first one was worth SR602.1million, while the value of the 20-riyal bills amounted to SR180.6 million.
When comparing printed one riyal denomination paper money with the minted one riyal coin, we find that SR990.8 million of paper money was printed against SR32.8 million in coins. This means that the printed paper money is equivalent to more than three times that of coins in 2012.
Data showed that the printing of the 200-riyal notes started to decline in 2006, where the quantities printed then reached its highest level, and fell in 2012 to its lowest level since the commencement of its printing.
The same is true for the 20-riyal denomination. Its printing fell in 2012 to its lowest level since 2003. Printing of the 200-riyal banknote and that of the 20-riyal banknote began in 1990.
The other denominations reached their highest levels of printing last year. This is true for the riyal denomination, for which printing began 49 years ago.
As for the 50-riyal banknote, the value of the quantities printed of this in 2012 represented the highest level since 1990, during which the quantities printed were worth SR5.3 billion, against SR5.1 billion last year.
Quantities printed of the 100-riyal denomination in 2012 were near its levels in 1981, 31 years ago, with SR24.9 billion then and SR20.9 billion in 2012.
The last denomination, the 500-riyal banknote reached its highest level in terms of quantities printed in 2012, since the start of its printing 30 years ago.
The quantities minted of the riyal coin were almost constant during the last 10 years between SR33 million and SR53 million. The paper riyal continued to rise in terms of the quantities printed during the last 10 years, from SR524 million in 2003 to SR990.8 million in 2012.
The riyal coin denominations are half a riyal (50 halalas) and quarter of a riyal (25 halalas).
The value of the printed quantities of the half-riyal increased to reach its highest level in 25 years to SR130.6 million in 2012. The same is true for the 25-halala coin, to SR2.5 million.