JEDDAH, 30 May 2005 — Saudi riyal notes in the 500 and 100 denominations will be withdrawn from the market gradually to replace them with new notes containing enhanced security features, Finance Minister Ibrahim Al-Assaf has said.
Speaking to reporters after attending a meeting of the Saudi-Russian Joint Commission in Riyadh on Saturday, Al-Assaf said the withdrawal of 500 and 100 notes would take place soon. He said the measure was taken to prevent forgery.
“The Council of Ministers has already approved security alterations onto the two notes and the time has come for the Saudi Arabian Monetary Agency to withdraw the notes from the market gradually,” he said.
“Both old and new riyal notes will be accepted during the withdrawal period until the end of the transaction of all old notes in the market,” Al-Hayat Arabic daily quoted the minister as saying.
Al-Assaf also spoke about a GCC decision giving the United States an exemption from the usual regulations regarding bilateral agreements with other countries. GCC finance ministers took the decision after the US signed a free trade agreement with Bahrain.
“This proposal will be presented to the GCC ministerial council and then to the GCC Supreme Council for approval,” he explained.
Foreign Minister Prince Saud Al-Faisal, while speaking to reporters after a consultative summit of GCC leaders in Riyadh, confirmed that the GCC had reached an accord on the issue of bilateral agreements signed by member states with other countries.
Referring to the Saudi-Russian meeting, Al-Assaf said it was aimed at promoting economic, commercial and investment cooperation between the two countries.
“There are a lot of opportunities especially in energy, mining and construction sectors,” he said.
