RIYADH, 25 March 2003 — New SR500 notes with special security features went into circulation yesterday, Hamad Al-Sayari, governor of the Saudi Arabian Monetary Agency, announced.
He said the note has a new watermark revealing a portrait of King Abdul Aziz when exposed to light. It also has four ornamental shapes in tactile intaglio printing enabling the blind to feel the note’s value.
Other features include a windowed security thread, optically variable foil (on which the national emblem and the note value appear dynamic when viewed from different angles) and optically variable ink that changes its color from green to blue when tilted.
The governor said the new notes can be drawn from SAMA branches in the Kingdom, ATM machines or the bank outlets. It may take two years or more to replace the old SR500 notes, which continue to be legal tender.
The governor said an estimated SR40-50 billion was currently in circulation. Sufficient quantities of the new notes would be available, the governor said, adding that liquidity in the Kingdom is increasing.
Asked about the weakening of the Saudi riyal against other currencies, the governor said there was nothing unusual about these fluctuations. “If it is weak against some currencies, it will be strong against others. What is important is that the Saudi riyal continues to be stable in the Kingdom in terms of its purchasing power.”
Al-Sayari denied the new currency was part of SAMA’s effort to combat the counterfeiting of notes. He said the decision was taken by the ministerial council two years ago.
