A monitoring detection conducted by “Okaz”; Based on the report of the Saudi Central Bank (SAMA), that the coins (the sixth issue) circulating in the markets exceeded for the first time the level of one billion riyals during the current year 2023.
The circulation of currencies from the sixth issue began on December 26, 2016, and it included banknotes and coins, as the denominations of coins reached “200 halalas, 100 halalas, 50 halalas, 25 halalas, 10 halalas, 5 halalas, and one halala.”
The value of currencies in circulation outside the Central Bank currently amounted to 1.08 billion riyals, the largest share of which was for the denomination of 100 halalas (riyals), and the value of currencies in circulation amounted to about 604.94 million riyals, then the denomination of 200 halalas (two riyals), which was acquired in the sixth issue, and the value of currencies in circulation amounted to 286.96. One million riyals, and the 50 halala denomination (half a riyal) came in third place, with a total circulation of 114.26 million riyals.
As for the currency of 25 halalas (a quarter of a riyal), it amounted to 55.88 million riyals, then the currency of 10 halalas with a value of 8.72 million riyals, followed by the currency of 5 halalas with a total of 4.32 million riyals, and the currency of one halala (innovated in the sixth issue) with a value of only 387 thousand riyals .
The coins (sixth issue) were trading at less than one billion riyals since their issuance until 2022, as their value at the end of last year amounted to about 990.76 million riyals, and at the beginning of their trading in the current year 2023 they exceeded one billion riyals in the month of January, and continued their upward pace until they reached in the month of January. Last May, about 1.08 billion riyals.
And the Ministry of Commerce had confirmed, earlier, that the stores’ refusal to trade coins is a violation that requires the imposition of penalties, and this comes after coordinating with the Central Bank to provide coins through commercial banks in the Kingdom, with the ministry seizing stores that did not commit to providing those currencies.
And it indicated that this confirms the right of the consumer to take the remaining coins when paying the amount of the purchase of goods, and the irregularity of the practices that some commercial establishments are currently carrying out. Which is represented by exchanging the remainder of the price of the commodity in terms of coins with other cheap commodities, such as chewing gum, tissue paper, and healthy water.
7 denominations of currency
It is for the sixth edition
amounted to 1.08 billion riyals
Specialized in trading outside “Sama”