The Saudi Arabian Monetary Agency (SAMA), the Kingdom’s central bank, was established in 1952. SAMA is responsible for issuing the Kingdom’s national currency, the Saudi riyal.
The Kingdom became familiar with paper currency only after the establishment of SAMA. Its experience with this type of currency began with the pilgrim receipts which were issued at first in only the SR10 denomination. Then, during the period 1372-1375H, these receipts were issued in the denominations of SR10, SR5 and SR1. The issues remained in use until their withdrawal from circulation in 1384H.
The first issue of bank-notes in the denominations of SR100, SR50, SR10, SR5 and SR1 was put in circulation in Muharram 1381H. They continued in circulation side by side with the silver riyal minted by SAMA in 1384H, and King Saud’s gold sovereign minted in 1377H. The second issue of bank-notes went into circulation in 1387H, the third issue in 1396H and the fourth issue in 1403H. This issue included the SR500 note. On the occasion of celebrating Saudi Arabia’s centennial in 1419H, SAMA issued two new bank-notes in denominations of SR200 and SR20.
Now, SAMA is in the process of putting into circulation the fifth issue of Saudi bank-notes. The new issue includes all denomination except the SR20 and SR200 notes. SAMA released the SR100 and SR50 denominations on May 21. This will be followed by the release of the SR10 and SR5 notes in July, the SR500 denomination in September and finally the SR1 notes in December 2007. Previously issued Saudi bank-notes will continue to circulate and will remain legal tender, side by side with the new notes.
SAMA stated that the new issue is characterized by various technical specifications and security features implemented by the most modern techniques available in the bank-note printing industry.
To see all the denominations as well as the security features of the new notes, click to www.sama.gov.sa.
