Saudi Arabian Monetary Authority to launch digital currency for banks

Updated 07 October 2017

Saudi Arabian Monetary Authority to launch digital currency for banks

RIYADH: The Saudi Arabian Monetary Authority (SAMA) is planning to implement a pilot project to issue a virtual/digital currency that will only be traded among banks.
The authority will also study the project’s positive aspects, said Dr. Ahmed Al-Khulaifi, governor of SAMA. 
Addressing a recent press conference in Riyadh, he ruled out plans to issue a digital currency for trading between individuals and companies.
SAMA plans to dispense with SR1 currency notes and issue coins for this denomination instead, the governor was quoted as saying by Al-Hayat daily.
He said that SAMA was taking all steps needed for the issuance and circulation of riyal coins, which will be available at the SAMA headquarters, its branches and the entire banking sector.
Liquidity in the banking system is good, the governor added.


King Salman to chair 40th Gulf summit in Riyadh

Updated 20 min 44 sec ago

King Salman to chair 40th Gulf summit in Riyadh

RIYADH: A meeting of GCC leaders met today in Riyadh for a summit that will focus on improving integration between Gulf countries.

The 40th Supreme Council meeting will be chaired by King Salman.

GCC Secretary General Dr. Abdullatif Al-Zayani said Gulf leaders will discuss a number of important issues to enhance the process of cooperation and integration among member states in various political, defense, security, economic and social fields.

They will also review regional and international political developments, security conditions in the region, and their implications for the security and stability of the GCC countries.

Among the topics on the agenda is the war in Yemen and Iran’s interference in regional affairs.