Arabian Monetary Agency
|Based on an
official letter, dated 20th April 1952, SAMA was established on 04th October
1952 corresponding to 14th Muharram 1372AH. SAMA has been playing a crucial role in the consolidation and development of
the Saudi financial system . At the time of its establishment, the Kingdom
did not have a monetary system exclusively of its own. Foreign currencies
circulated in the Kingdom as a medium of exchange, along with Saudi silver
coins. Saudi bank notes had not yet been issued. There was no Saudi bank in
existence and the banking business was being conducted by foreign bank
branches. One of the foremost tasks of SAMA in its early stage was,
therefore, the development of a Saudi currency. SAMA also paid special
attention to the need for promoting the growth of a national banking system.
From 1960 to 1972, SAMA focused on banking regulations against the
background of expanding banking business and the Kingdom’s acceptance of
full convertibility of the Riyal in March 1961 in accordance with the
Article VIII of the Articles of Agreements of the IMF. From 1973 to 1982,
SAMA’s preoccupation was to contain inflationary pressures in the booming
economy, expansion of the banking system and manage the massive foreign
exchange reserves. From mid 1980s, SAMA’s priorities have been to introduce
financial market reforms. Over the years, with the growth of the economy and
expansion of the financial system, SAMA’s responsibilities have increased
Saudi Arabian Monetary Agency (SAMA), the central bank of the Kingdom of
Saudi Arabia, was established in 1952. Website:
SAMA is located in Al-Ma’ather Street, Mo'tamarat area
in Riyadh (P.O. Box 2992,
Telephone: +966-1- 463-3000)
- Issues national currency, the Saudi Riyal.
- Acts as a banker to the government.
- Supervises commercial banks.
- Manages Kingdom’s foreign exchange reserves.
- Conducts monetary policy for promoting price and exchange rate stability.
- Promotes the growth and ensures the soundness of the financial system.
SAMA maintains a Museum of international standard
exhibiting antique Islamic (include coins that are rarely found elsewhere
worldwide) and non-Islamic coins, modern currenies, raw materials used in currency making,
pictures showing how banknotes and coins are printed and minted and security
features in banknotes.
The Museum is located at the head office's building in Riyadh, Al-Ma’ther
Street, where it is opened for official visitors (with special permission) during the regular working
hours. This Museum consists of five halls. For any inquiry email:
Saudi Arabian Monetary Agency (SAMA) was established
in the Era of King Abdulaziz, under two royal decrees issued on 25/7/1371H
(20/4/1952). The first was No. 30/4/1/1046 provided for establishing the
Saudi Arabian Monetary Agency, its venue in Jeddah, and opening branches in
cities and places as deemed necessary. The second Decree No. 30/4/1/1047
provided for the approval of the Charter of the Saudi Arabian Monetary
Agency, attached to the decree, and ordering its implementation. On
23/10/1371H (15/07/1952), Mr. Rasim Al-Khalidi was appointed as Vice
Governor. On 14/11/1371H (05/08/1952), Royal Decrees Nos. 30/4/1/1743 and
30/4/1/1744 were issued, providing for the appointment of Mr. George A.
Blowers (U.S. citizen) as the first governor of SAMA, and the formation of
SAMA's first Board of Directors. SAMA began practicing its business in
Jeddah on 14/1/1372H (04/10/1952).
- George A.
Aug 1952 - 20 Oct 1954
- SAMA opened a branch in
Makkah on 10/7/1372H (26/3/1953), followed by another one in Al-Madinah on
15/12/1372H (19/8/1953). Mr. Rasim Al-Khaldi resigned from his office as
Vice Governor as from 17/9/1373H (20/5/1954), and Mr. Ralph Standish was
appointed as Vice Governor as from 10/1/1374H (7/9/1954). A Royal Decree was
issued on 22/2/1374H (20/10/1954) approving the resignation of the Governor,
Mr. George A. Blowers, and the appointment of Mr. Ralph Standish as
Governor. Mr. Ma'touk Hasanain was appointed as Vice Governor on 1/3/1374H
D. Standish..................................20 Oct 1954 - 17 Feb 1958
- SAMA opened a branch in Al-Dammam
on 10/3/1374H (7/11/1954), another in Taif on 8/6/1374H (31/1/1955) and a
third in Riyadh on 16/6/1374H (8/2/1955). A Royal Decree was issued on
26/7/1377H (15/2/1958) appointing Mr. Abed Mohammed Saleh Sheikh as Vice
Governor. Approval of the resignation of Governor Mr. Ralph Standish was
issued on 28/7/1377H (17/2/1958).
Apr 1958 - 25 Nov 1974
- Between 1934, he won an MA in economics at Ismalia in Lahore, and
in 1958, he became governor of the Saudi Arab Monetary Agency (SAMA). Anwar Ali
had served in such challenging jobs as undersecretary in the Ministry of
Finance in India, deputy undersecretary in the Ministry of Finance in
Pakistan and director of the National Bank in Pakistan as well as the post
with the International Monetary Fund.
A Royal Decree was issued on 29/2/1378H (14/9/1958), appointing Mr. Anwar
Ali as Governor of SAMA as from 12/9/1377H (1/4/1958). A Royal Decree was
issued on 4/12/1382H (27/4/1963) appointing Mr. Juneid Abdul Qadir Bajuneid
as Vice Governor. A Royal Decree was issued on 1/8/1392H (9/9/1972),
appointing His Excellency Mr. Khaled Al-Qusaibi as the Vice Governor.
- Abdul Aziz Al-Quraishi............................26
- 14 Apr 1983
- A Royal Decree was issued
on 12/11/1394H (26/11/1974) appointing Mr. Abdulaziz Al-Quraishi as the
Governor, the first Saudi to occupy this position. At the end of 1398H
(1974), the headquarters of SAMA was relocated from Jeddah to Riyadh. Mr.
Khaled Al-Qusaibi was retired pursuant to a Royal Decree issued on 8/5/1400H
(25/3/1980), and H. E. Mr. Hamad Bin Saud Al-Sayari was appointed as the
Vice Governor in accordance with another Royal Decree issued on the same
day. On 14/6/1403H (28/3/1983), a Royal Order was issued, relieving H.E. Mr.
Abdulaziz Al-Quraishi from his post upon his request as of the 1st of Rajab
1403H. Another Royal Decree was issued on the same day entrusting the duties
of the Governor to Mr. Hamad Al-Sayari in addition to his original post.
- Hamad bin Saud Al-Sayari (acting).................14 Apr 1983 -
29 Sep 1985
The early banknotes during King Fahad's reign are clearly indicated by the fact that
they are having signature of Mr. Hamad Al-Sayari as "on behalf of SAMA
Governor" from 14 Apr 1983 to 29 Sep 1985.
Hamad bin Saud Al-Sayari..........................30
Sep 1985 - 14 Feb 2009
- Al-Sayari is also chairman of the board of directors of the Saudi Arabian
Monetary Agency and member of the board of the Public Investment Fund, and
Gulf Investment Corporation. Mr. Sayari is a member of the Supreme Economic
Council. Before taking this post, he served as the Controller General and
Vice Governor. He has a Master degree in Economics from University of
Maryland, College Park, USA. On 16/12/1405H (1/9/1985), work officially
started at new SAMA Headquarters in Riyadh. On 16/1/1406H (30/9/1985), a
Royal Decree was issued appointing H.E. Mr. Hamad Al-Sayari as the Governor
of SAMA. On 22/10/1408H (6/6/1988), a Royal Decree was issued appointing H.E.
Dr. Ahmad Abdullah Al-Malek as the Vice Governor. In Ramadan, 1410H (April,
1990), SAMA established the Saudi Payment Network (SPAN), aiming at
encouraging the use of E-transactions provided by the banking system. A
Royal Decree was issued on 28/2/1416H (26/7/1995) appointing His Excellency
Dr. Ibrahim Bin AbulAziz Al-Assaf as the Vice-Governor. He remained in this
position until 25/5/1416H (19/10/1995) where he was appointed as a state
minister and a member in the Council of Ministers. A Royal Decree was issued
on 22/6/1416H (15/11/1995), appointing His Excellency Dr. Mohammad Bin
Sulaiman Al-Jasser as the Vice-Governor. The Saudi Arabian Riyal Interbank
Express Electronic System (SARIE) was launched on 18/1/1418H (14/5/1997). On
21/7/1420H (30/10/1999), His Excellency, the Minister of Finance issued a
resolution entrusting SAMA with licensing, controlling and supervising
financial leasing companies. The supervision of insurance sector was
entrusted to SAMA by virtue of a Royal Decree issued on 2/6/1424H
(31/7/2003) approving the Cooperative Insurance Companies Control Law.
Effective from 13/5/1425H (1/7/2004), the supervision of the Stock Market
was shifted to the Capital Market Authority (CMA) after the issue of a Royal
Decree on 1/7/2004, appointing the board of CMA. SADAD Payments System (SADAD)
was launched on 19/8/1425H (3/10/2004). SADAD is an intermediary system
between billers and the domestic banks, facilitating and accelerating
e-payment process through all banking channels in the Kingdom, including
ATM, phone banking, and online banking.
- Muhammad bin
Sulaiman bin Muhammad Al-Jasser.....14 Feb 2009 - 12 Dec 2011
- A Royal Decree was issued on 19/2/1430H
(14/2/2009), appointing His Excellency Dr. Muharnmad Bin Sulaiman Al-Jasser
as the Governor of SAMA as from 3/3/1430H (28/2/2009). A Royal Decree was
issued on 9/9/1430H (30/8/2009) appointing His Excellency Dr. Abdurrahman
Bin Abdullah Al-Hamidy as the Vice Governor of SAMA.
- Fahd bin Abdullah
Al-Mubarak.....................13 Dec 2011 - date
- Dr. Al-Mubarak was the co-founder and shareholder
of Amwal AlKhaleej, a leading alternative investment firm. He has resigned
from Amwal’s board of directors to take on his new role. A Royal Decree was
issued on 18/1/1433H (13/12/2011), appointing His Excellency Dr. Fahad
Al-Mubarak as the Governor of SAMA.
Although paper currency from abroad was used along the
coast, the main medium of exchange in the interior was the Maria Theresa
dollar, a large silver coin minted in Europe but still bearing the profile
of the Holy Roman Empress, the flamboyant Imperial Seal of Austria, and the
date, 1780. This coin was also counter marked with the words in Arabic "Nejd"
and "Hejaz". Until oil was discovered, income was derived mostly from customs
duties on imports and the income from tens of thousands of pilgrims who
poured into Jeddah every year en route to Mecca. The only
fluctuation in the economy occurred when the pilgrims arrived. And without
them and their small hordes of gold and silver coins, Indian rupees, British
pounds and Dutch guilders the country would have been hard pressed to find
extra money for imports. Money changers abounded in the pilgrimage centers,
but until 1948 there was only one bank in the country, the Netherlands
Trading Society (now operating as Saudi Hollandi Bank), which had been established in Jeddah in 1926.
Its main business at the time was providing financial services to Haj pilgrims
from Indonesia. As it was the only bank in the Kingdom at the time, it acted
as the central bank, keeping the Kingdom's gold reserves and receiving oil
revenues on behalf of the Saudi Arabian government. In 1928 the Saudi Riyal,
a new silver coin commissioned by Late King Abdulaziz, became the Kingdom's
first independent currency. The Netherlands Trading Society office in Jeddah
had the honour of assisting the government with the launch of the local
although the Hejaz riyal was the same weight as the Ottoman 20 kurus, it was
minted in .917 fineness, compared to .830 fineness for the Ottoman coin. In 1925, however, the year after King Abd al-'Aziz consolidated the country
by conquering the Hejaz. The government did attempt to establish a national
currency by issuing its first coin. It was made in copper or bronze the 1/4 and 1/2 qirsh
dated between 1343-1344 AH, minted in Mecca, known as transitional coinage. Two
years later the silver riyal based on Hejaz's Riyal metal composition was
issued but was valued at 22 qirsh carrying the title "King of Hejaz and
Sultan of Nejd". Two years later the royal title was changed to "King of Hejaz and Nejd and
Dependencies" and coins were issued in denominations of ¼, ½ and 1 ghirsh in
cupro-nickel and ¼, ½ and 1 riyal in silver, same denominations as in 1926. The
exchange rate of the riyal was established at 10 riyals for each British
gold sovereign, the gold coin circulating most widely in the Kingdom at that
time. This remained the system of currency even though the
riyal was subsequently debased to a coin equivalent in silver content to the
Indian rupee in 1935. At this value, unfortunately, the Saudi riyal was a "full-bodied" coin. That
is, the market value of the silver it contained was approximately equal to
the official rate at which the government would accept it in exchange for
gold. Money changers and merchants were quick to notice this. When the world
price of silver rose so high that the value of metal contained in the riyals
exceeded the official exchange value of the riyal, they were equally quick
to exchange gold and other currencies for silver riyals, then melt the
riyals and sell them as bullion to silver brokers. At such times, silver
riyals disappeared from circulation.
The Kingdom's first detailed government budget, published in April, 1948
proved unworkable because the value of the Saudi riyal in which the budget
was expressed was constantly changing in terms of the numerous foreign
currencies which circulated widely in the country, and the values of these
currencies were constantly changing in relation to one another. In addition,
oil income was paid in gold or foreign exchange, but about half of the
government's expenditures for its payroll were met with silver riyals, and
riyals were frequently in short supply. The rates at which riyals and qirsh
were exchanged for one another varied from time to time and from place to
place. Even the country's geography conspired to force change: because of
the vast distances and poor communications between the oil producing area,
the country's administrative capital and the financial center, the
development of orderly financial transactions was almost impossible. Nor did
the general absence of banks help. Although by 1948 a number of foreign
banks had begun to open branches in the main centers of commercial activity Jeddah and the Eastern
Province there were to be no banking facilities elsewhere in the country for
another five years.
In 1935, the first coins were issued in the name of Saudi Arabia. These were
silver ¼, ½ and 1 riyal coins which were nearly 50% lighter than the
previous issue. Cupro-nickel ¼, ½ and 1 ghirsh were also issued from 1937.
In 1939 the company that would become the Arabian American Oil Company (Aramco)
made its first oil payments to the Saudi Arabian Government. They were the
first of the revenues that would later change the Saudi economy so
drastically, but at the time they were of minor importance, certainly
insufficient to offset the economic decline that set in as World War II got
under way. Income from pilgrimage virtually ceased and interruptions in
shipping caused critical shortages in food and clothing. The U. S.
government helped 'by extending lend-lease aid in the form of 9.3 million
ounces of silver, minted into 25 million Saudi riyal coins, but by early
1944, the economy of Saudi Arabia was still in a state of suspended
animation. It was a period of breathless calm before the onset of the
tumultuous changes which, within two decades, would reshape the whole
economy of the country.
The changes actually began in 1945 with the expansion
of oil production, the injection of large amounts of cash into the economy,
and the expansion of the government's payments and purchases. Capital
investments in the oil industry stimulated a demand for local wage labor in
the Eastern Province and created markets for large quantities of imported
equipment and construction materials. This activity in turn generated the
need for port facilities, airports, storehouses, roads, and other supporting
physical facilities. The demand for money for cash, that is soared. The
Saudi Government believed that the only proper way to meet the increased
demand for money was to put more gold and silver coins into circulation.
U.S. Philadelphia Mint for Aramco, issued 4 sovereign
gold coins each having a weight for each coin of 31.95g .917Au from 1944 to 1945 for its oil
revenues, packed in kegs and flown to Jeddah
every month. In 1947 1 sovereign gold coin, 7.9881g .917Au were also issued on the
behalf of Aramco for Saudi government. The Saudi government also placed with the U.S. Mint a
succession of orders for millions of full-weight, Arabic-inscribed Saudi
silver riyals along with reeded (milled or segmented) edge coins of Cupro-nickel ¼, ½ and 1 ghirsh
with frozen date 1345 AH (1937) in 1947. In 1946 (1365 AH), many of the cupro-nickel coins were countermarked with
the Arabic numerals 65 in what Krause and Mishler describe as "a move
to break money changers' monopoly on small coins".
In 1950 the government, still convinced
that "hard" money was the only good money, had decided to meet the country's
growing need for currency by issuing its own gold coin. The coin, called the
Saudi sovereign, was practically identical in weight and fineness to the
British sovereign and was made full legal tender, It could be freely
exchanged by SAMA at the rate of 40 silver riyals (nearly eleven dollars)
per sovereign, and gave Saudi Arabia a full, bi-metallic money standard. Like other countries that had tried and abandoned it, Saudi Arabia's
experience with a bi-metallic standard was not a happy one, and for the same
reason: the world market prices of gold and silver do not remain in constant
proportion to one another and even minor changes in the world market prices
of the metals are sufficient to drive coins of one or the other metal out of
circulation. In Saudi Arabia, the silver in the riyal eventually became more
valuable as silver than as money and wound up in foreign bullion markets.
The gold in the sovereigns, on the other hand, was more valuable in
sovereign form than as gold, which encouraged counterfeiters. Soon after the
issue of the gold sovereign, counterfeiters began to reproduce large numbers
of full-weight coins which only a few experts could distinguish from the
genuine ones. The spread between the value of the gold sovereign (nearly
$11) and the world market value of the gold in the sovereign (about $9) was
not much, but it was sufficient to provide counterfeiters with an adequate
incentive to meet the risks and costs of stamping, transporting, and
circulating the coins.
|By 1951 the government realized that it needed to set up a more orderly
monetary system. It also realized that this meant creating an administrative
apparatus able to channel into the economy enough money to fuel business
activity yet avoid inflation. It would also have to insure that the rapidly
increasing oil revenues be used in accordance with the government's wishes.
Accordingly, in the summer of 1951, the government brought in a team of
foreign financial experts, backed by the U.S. Point Four Program, to draw up
a program of monetary reform. The main features of this program were
implemented in October, 1952, when the Saudi Arabian Government announced
the formation of a modified central bank, It was called the Saudi Arabian
Monetary Agency (SAMA).
The pilgrim receipts, freely exchangeable for silver riyals and entirely
backed by silver held in government vaults, were an immediate success.
Furthermore they quickly came into general use throughout the Kingdom, for
they were well made and durable, difficult to counterfeit, and far more
convenient to handle. They also filled an important gap in the national
currency system, which hitherto had no denomination between the riyal and
the 40-riyal sovereign which was rather like an American trying to do all
his shopping with only silver quarters and 10-dollar gold pieces. By the end
of 1954, more than 150 million riyals worth of pilgrim receipts were in
circulation and were rapidly displacing both the gold sovereign and the
silver riyal as the principal medium of exchange. In 1956, when the silver
riyal was becoming scarce, one-riyal pilgrim receipts were also issued.
|Cupro-nickel 2 and 4
ghirsh were introduced in 1957. In 1957 the economy of Saudi Arabia was skidding dangerously. Inflation was
out of control. The value of the Saudi riyal had slipped to half what it had
been. Oil revenues were down some $50 million and the government was nearly
half a billion dollars in debt. It based on three factors, first ordering
additional (over limit) pilgrim's receipts, secondly normal reaction of all
individuals who hold a currency which is weakening: they exchange it for
other currencies, or for gold, jewelry or merchandise. Thirdly Suez
Crisis - The Sinai War (Arab-Israeli conflict) from 29 October 1956 to March
1957, in which oil production fell off sharply. Crown Prince Faisal ibn Abd
al-Aziz Al Saud, then Viceroy and Prime Minister, in
October, 1957, engaged two financial experts to design and implement a
program of fiscal and monetary reform. The experts were Ahmed Zaki Saad, an
executive director of the International Monetary Fund, and Anwar Ali,
director of the Middle East department of the IMF. By early 1958 it had
plunged from the official rate of 3.75 riyals to the dollar to an all time
low of 6.25 riyals per dollar. On December 31, 1959, the government announced devaluation of the riyal from
3.75 per dollar to 4.50 per dollar, the then prevailing free market rate.
But to head off a sharp rise in the prices of food staples and drugs,
hitherto licensed for import at the official exchange rate, the government
also authorized subsidy payments to importers of these goods in order to
offset the foreign exchange loss caused by devaluation. Although other
licensed commodities, including clothing and capital goods, were not
included in the subsidy program, the general decline in economic activity
caused by the government cutback in spending prevented their prices from
increasing. The devaluation of the riyal was followed and the Saudi gold sovereign was withdrawn from circulation,
and provision was made to replace the old pilgrim receipts with a
full-fledged paper currency. The paper money was issued in 1961 against a
100 per cent reserve of gold and convertible foreign exchange (mainly
American dollars) held on behalf of SAMA. As for the silver rivals, most of
them had long since disappeared into foreign bullion markets. In 1960, the system was changed to 20 ghirsh = 1 riyal and this was followed
in 1963 by the introduction of the halala, worth one hundredth of a riyal.
Some Saudi coins still bear denominations in ghirsh but this denomination is
no longer commonly used. In 1963 the situation had changed beyond belief.
The national debt had been paid and economy improved rapidly throughout the
kingdom. Ever ever since it has been one of the few countries in the world
with no national debt. Anwar Ali, SAMA governor played an vital role in the
stability of the country's economical situation.
|The country is also attempting to diversify its economy in order to reduce
its dependence on oil. The autonomous government agency, Petromin, has
entered into agreements with foreign firms for the production of fertilizers
and sulphur for export from the country's extensive natural gas resources.
An extensive program of mineral exploration is under way. Teams of foreign
experts are engaged in a detailed nationwide survey of the country's
underground water resources as part of a comprehensive program for
developing agriculture, thus reducing the country's dependence on imported
foodstuffs. Numerous systematic feasibility studies of industrial
development possibilities are in process.
SAMA Medallion Coinage:
Obverse: Issued during the reign of King Khalid bin Abdul Aziz
Al Saud with SAMA logo. Reverse: 25 years of SAMA establishment 1372 - 1397 AH.
[corresponding to 1952 - 1977] - Portrait of the founder of Saudi Arabia:
King Abdul Aziz bin
Abdul Rehman Al Saud. Weight:
.925Ag. A gold coin with the same design was also produced with weight 50.00g
and fineness: .917Au.
Another silver and gold coin based on the above
composition were also created, but without any date and SAMA name / logo.
Obverse Legend: In
the memory of great ambassador of Muslim world, King Faisal bin Abdulaziz
Al-Saud (1324 - 1395 AH) upon his first death anniversary.
Reverse shows the
external view of Holy Mosque from one of its gate in Makkah.
Note: A similar coin also
exists with .925Ag fineness and mint stamps, below the Holy Mosque, which is
not issued by SAMA.
31.95g .917Au. Obverse:
King Fahad bin Abdulaziz Al-Saud portrait facing left with legend of his
title: Khadim al-Haramayn ash-Sharifayn.
[Custodian of the two Holy Mosques].
Reverse: showing prophet
Muhammad's mosque at Medina and date of expansion of this mosque: 09 Safar
1405 AH [corresponding to Saturday 03rd Nov 1984].
Weight: 50.00g and
31.95g .917Au. Obverse:
Quran; Chapter#3, Verse# 103: And hold fast, all
together, by the rope which Allah (stretches out for you), and be not
divided among yourselves;... Portrait of Sheikh
Isa bin Salman Al-Khalifa on the left and King
Fahad bin Abdulaziz Al-Saud on right. Issued by:
Saudi Arabian Monetary Agency.
Reverse: Bahrain Saudi
Causeway 1986 with corresponding year:
1406 AH with a picture of the bridge.
Weight: 30.00g and
A similar coin has also been issued by Bahrain with
same design, weight, fineness and pictures. The only difference is "Saudi
Bahrain Causeway", 1986 corresponding year: 1407 AH and Issuer: Bahrain
Obverse: This coin was issued on 05th Shawal
1419 AH corresponding to 23rd Jan 1999. Celebrating the 100 years of Kingdom of Saudi Arabia 1319 - 1419 AH
with displaying the official logo of this occasion.
Reverse: Portrait of the founder of Saudi Arabia: King Abdul Aziz bin
Abdul Rehman Al Saud, who recaptured Nejd on 05th Shawal 1319 AH
[corresponding to Wednesday 15th Jan 1902]. Weight:
8.00g. Diameter: 22mm.
Monnaie de Paris with approval of French mint director: Emmanuel Constans
and SAMA governor: Hamad S. Al-Sayari. Struck from the gold extracted from
Saudi gold mines. The same gold coin was also produced
in weight: 30.00g, diameter: 36mm with same gold fineness and has a total mintage of 10,000.
Year: 2001 (AH 1422):
20th Years of rule of the Custodian of the two Holy Mosques. Weight:
Monnaie de Paris.
Year: 2001 (AH 1422):
50th Years of the establishment of SAMA. SAMA logo in gold (inner ring).
ring 0.925 Silver and inner ring 0.9167 Gold (bi-metallic).
Monnaie de Paris.
The Saudi Arabian Monetary Agency (SAMA) has issued
this medallion on the occasion of the completion of 75 years since the
establishment of Saudi Aramco (1933-2008).
Issued Year: 2008 (AH 1429). Weight:
31.10g (one ounce). Diameter:
unknown. In 1933, during the reign of HM King
Abdulaziz Bin Abdulrahman Al Saud, the Kingdom of Saudi Arabia granted oil
concession and in 1936 the drilling began in Dammam Well no. 7. The
Custodian of the two Holy Mosques, King Abdullah Bin Abdulaziz Al Saud,
renamed it "Prosperity Well" in 2008, since it was the first well to produce
oil commercially in Saudi Arabia. The same coin is also produced with 0.917
gold standard in 8.00g with diameter 22mm and 31.10g with diameter 40mm.
Both these coins are also having reeded edge.
The Kingdom became familiar with paper currency (banknotes) only after the
establishment of SAMA. Its first experience with this type of currencies was
the issuance of pilgrim receipts which were issued at first in the
denomination of 10 riyals only. The value of the banknote was inscripted in
various languages: Arabic, Turkish, Persian
and Urdu. It was put in circulation on 14/11/1372 AH (25/7/1953). Another variant of
this pilgrim receipts was introduced and put in circulation on 15/9/1373 AH
The denomination of 5 Riyals pilgrim receipts was issued on 13/10/1373H
(14/6/1954) and the first edition of one-riyal pilgrim receipts was issued
on 23/11/1375H (2/7/1956). All pilgrim receipts were withdrawn from
circulation on 30/9/1384 AH. Under the Royal Decree
No. 6 dated 1/7/1376 AH, pertaining to the issuance of the official currency,
the first issue of banknotes in the denominations of 100, 50, 10, 5, and 1
riyal was put in circulation on 01/01/1381 AH (14/6/1961). This issue was withdrawn from
circulation on 1/5/1391 AH. they continued in
circulation side by side with the silver riyal minted by SAMA in 1384 AH, and
King Saud’s gold sovereign minted in 1377 AH. The second issue of bank-notes
was put in circulation on 15/11/1387 AH, corresponding to 13/03/1968 CE. It
was withdrawn from circulation on 01/07/1400 AH. The third issue was placed
in circulation on 16/10/1396 AH, corresponding to 09/09/1976 CE. The fourth issue
under Royal Decree No.6 dated 01/07/1379, which was placed in circulation on
included the new 500 riyals banknote to meet the expanding volume of
transactions. On the occasion of celebrating the centennial of the kingdom of Saudi
Arabia, which corresponds to the 5th of Shawwal 1419 AH (23rd Jan 1999), the Saudi Arabian
Monetary Agency issued two new banknotes in denominations of
SR.200 and SR.20. These banknotes will bear the logo of the Centennial in
addition to other Islamic and historical features and will be printed using
the latest technology with regards to technical aspects and security
features. "May Allah, the Almighty, help us in our efforts towards the prosperity of
our beloved country under the leadership of the Custodian of the Two Holy
Mosques and the Crown Prince". 500 & 100 banknotes were replaced in July 2004 with new security features.
These banknotes are still in circulation to
the current date. However, it could be exchanged for the current issue at SAMA
and its branches only.
|The 5th Issue of banknotes pursuant to Article
(4) of the Saudi Currency Law, issued under the Royal Decree No. (6) and
dated 1/7/1379 H. were printed in the reign of the Custodian of The Two Holy
Mosques, King Abdullah Bin Abdulaziz Al Saud. The new issue included six
denominations: One Hundred and Fifty Saudi Riyal denominations were
available at SAMA branches as of Monday 04/05/1428 AH
(21/05/2007 CE), followed by both the Ten and Five Saudi Riyal denominations
in the beginning of Rajab 1428 AH (July 2007), followed by the Five Hundred
denomination in the beginning of Ramadan Al Mubarak 1428 AH (September
2007), followed by the One Riyal after Eid Al Adha Al Mubarak 1428 AH
(December 2007), and will be equally legally binding side by side with the
other Saudi banknote denominations currently in circulation. The new issue
is characterized by various technical specifications and security features
implemented by the most modern techniques used in banknote printing
Source of Information: