It’s a very well-known fact that the official currency of the Kingdom of Saudi Arabia is Riyal. And now, the kingdom has finally approved its official symbol, which will represent the Riyal currency unit. Yes, the Custodian of the Two Holy Mosques King Salman bin Abdulaziz Al Saud has finally approved the Saudi Riyal symbol and this historic move reinforces the currency’s identity. Here’s all you need to know about this major development.
King Salman Bin Abdulaziz Al Saud Approves the Symbol For Saudi Riyal
King Salman bin Abdulaziz Al Saud has finally approved the Saudi Riyal symbol. In fact, SAMA Governor, Ayman Al Sayari also mentioned that implementation of the new symbol will be gradual. Yes, this will be done gradually for financial and commercial transactions along with coordination from across relevant entities. As it happens, this initiative also aims to promote national identity and cultural belonging. Moreover, it also highlights the role of the national currency and showcases the fact that the kingdom is among the major global economies.
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Significance Of The New Currency Symbol
This move has emphasised the importance of the national currency in the global financial ecosystem. Talking about the currency symbol itself, it has a symbol like Dollar ($) and Euro (€). Yes, the symbol has been developed to the highest technical standards and it embodies the country’s rich cultural heritage. Carrying the name of the national currency in its design, it has been derived from Arabic calligraphy. Doesn’t that sound quite amazing?
As revealed by SAMA, it streamlines the representation of Saudi Riyal in local, regional, and International contexts. It also solidifies the importance of the kingdom’s financial system while advancing its Vision 2030 agenda.
So, with the kingdom having an official symbol for its currency, you might want to share this big development with your fellow friends!
Cover Image Courtesy: X/SAMA_GOV