The Saudi King and the Custodian of the Two Holy Mosques King Salman bin Abdulaziz al Saud has approved the Saudi riyal symbol, the Central Bank (SAMA) said in a press release.
SAMA Governor Ayman al Sayari noted that this decision reinforces Saudi Arabia's financial identity locally, regionally, and internationally. He indicated that the implementation of the new symbol will be gradual for financial and commercial transactions, with coordination across all relevant entities.
Al-Sayari said this initiative aims to promote national identity and cultural belonging, highlight the role of the national currency, and showcase the Kingdom among major global economies and G20 members.
The initiative also signifies the increasingly important role of the national currency in the global financial ecosystem.
The governor acknowledged the collaborative efforts that have facilitated this achievement, extending his appreciation to all contributing entities involved in the symbol's development project led by SAMA, including the Ministry of Culture, the Ministry of Media, and the Saudi Standards, Metrology and Quality Organization.
According to the release, the Saudi riyal symbol, developed to the highest technical standards, embodies the Kingdom's rich cultural heritage, carrying the name of the national currency "Riyal" in a design derived from Arabic calligraphy.
"The symbol will streamline the representation of the Saudi riyal in local, regional, and international contexts, making it suitable for use in referring to the Saudi riyal in all financial and commercial transactions," said the release.
Oman Observer is now on the WhatsApp channel. Click here
