By Abdul Rahman Al-Misbahi
JEDDAH — The Saudi Arabian Monetary Authority (SAMA) has started distributing new Saudi currency banknotes and coins at its main branch in Jeddah.
An individual can exchange a maximum of SR3,215. The branch was overcrowded on Monday with customers keen to get the new banknotes and coins.
Under SAMA’s instructions to its 10 branches all over the Kingdom, each individual can obtain five pieces of SR2 and five pieces of SR1 coins.
Each Individual can also get SR100 consisting of SR5 and SR10 banknotes while a maximum of SR1,000 will be given in the denominations of SR50, SR100 and SR500 banknotes.
A source in a bank said the new currency banknotes have not been deposited in ATMs simply because these have not reached the bank. He said December salary payment will be made in old currency.
Director of SAMA’s currency issue Naif Al-Sharan said that some banks have not received new currencies because of transportation difficulties.
There are 12 commercial banks in the Kingdom with 1,996 branches all over the country. Together, the banks have 17,623 ATMs.