The SR1 banknotes are to be replaced with SR1 coins
27 May 2018| Last updated on 27 May 2018
The Saudi Arabian Monetary Authority (SAMA) announced that the SR1 banknotes will soon be withdrawn from the market in the Kingdom as of Thursday, May 25th, 2018. The banknotes will rather be replaced with a new SR1 coin.
SEE ALSO: Currency in Saudi Arabia
The banknotes will however still be in circulation in the market for a while longer. SAMA has a time frame in mind but did however not announce it.
According to an official the SR1 banknotes are rarely deposited into banks as they are frequently used in transactions. The banknotes accounts for 49 percent of traded cash.
The sixth issue of the Saudi currency was unveiled in December 2016. The new Saudi currency includes the new one-riyal and two-riyal coins, in addition to coins in the denominations of 50 halalah, 25 halalah, 10 halalah, 5 halalah and one halalah.