RIYADH, 30 June — The Kingdom is planning to make changes in the Saudi riyal’s 500, 200 and 20 denominations to prevent forgery and remove technical errors.
The move follows the proliferation of forged 500 riyal notes and disappearance of security silver stamps from SR200 and SR20 notes.
Saudi Arabian Monetary Agency sources told Arab News that SAMA will make some special changes in the 500-riyal note to make them forgery proof.
The 200 and 20 notes were issued to mark the Kingdom's 100 years of existence.
Many shops in the Kingdom are now using advanced equipment to detect forged currencies especially after reports that fake 500 riyal notes are being circulated in the country. The equipment reveals all security features of the Saudi notes.
International mafia exploits the Haj season to circulate forged currencies inside the Kingdom through pilgrims who cannot differentiate between real and forged currencies.
The gangs sell 500-riyal notes to pilgrims at prices less than bank rates. Most of these gangs belong to African, Middle Eastern and Southeast Asian countries.
Saudi banks are providing special training to their staff, especially those working at entry points on how to detect forged currencies. They are also supplied with advanced equipment to detect forged notes.
Saudi Arabia imposes tough punishment on people involved in forging and promoting forged currencies in the Kingdom.
Such criminals are jailed for as long as 25 years and fined up to SR500,000.
