JEDDAH — It’s almost a fortnight since the central bank started issuing new currency notes, yet many ATMs are refusing to accept new banknotes.
A source in a bank said that many ATMs are refusing to accept new banknotes because they are unable to identify these. These machines have not been updated to accept new currency notes by identifying their security marks and dimensions.
The Saudi Arabian Monetary Authority (SAMA) released last month new designs of Saudi banknotes and coins.
Speaking on the occasion, SAMA Governor Ahmed Al-Khulaifi said that the new coins and banknotes will be available at all branches of SAMA from Dec. 26.
SAMA has introduced SR2 in the form of coins and also minted coins of SR1. It said the SR1 denomination notes will now be issued in coins due to the high number of SR1 banknotes in circulation. Walid Al-Sayyal, head of the currency department at the monetary agency, said that SR2 denomination has been introduced in a coin form because harmful bacteria affected paper currency which has to be continuously replaced, as they get damaged faster than coins.