New Saudi currencies to be used alongside old ones
He said that the old currency will disappear from the market in five years.
The Saudi Arabian Monetary Agency (SAMA) has denied reports pertaining to the phasing off of the old Saudi currency instead saying that they will be used alongside new ones being issued.
In its official twitter account, the agency said that the reports related to old currencies being completely removed are incorrect.
Saudi financial analyst Hussein al-Rakib had earlier revealed that the destruction of previous versions of Saudi currency will be carried out in Saudi Arabia starting Monday, as soon as they are received by the central bank, the Okaz newspaper had reported.
Al-Rakib added that the destruction of the previous categories of currency is going to happen without registering serial numbers because of the large quantity of the pieces to be destroyed. He said that the old currency will disappear from the market in five years.
He added that the new currency will be processed outside the kingdom and likely in Switzerland.
Earlier this month, King Salman bin Abdulaziz al-Saud received the new designs of the sixth issue of national banknotes and coins at Al-Yamamah palace.
The money was delivered to the king by the Minister of Finance Mohammed bin Abdullah Al-Jadaan, governor of the Saudi Arabian Monetary Agency (SAMA) Dr. Ahmed bin Abdul-Karim Al-Khulaifi and SAMA Deputy Governor Abdulaziz bin Saleh Al-Freeh.
The Minister of State and Cabinet's Member Dr. Musaed bin Mohammed Al-Aiban and Minister of Culture and Information Dr. Adel bin Zaid Altoraifi, as well as the Minister of Foreign Affairs Adel bin Ahmed Al-Jubeir, were present at the palace during the presentation of the new money to the king.