Saudi Arabia unveiled its first ever currency symbol for the Saudi Riyal. This move aims to support and promote the country’s financial status.
First Saudi currency symbol
The Saudi Central Bank (SAMA) announced the launch of the country’s first currency symbol. The new riyal symbol was introduced as Saudi Arabia is aiming to position itself as a financial hub.
The new symbol is designed using Arabic calligraphy of the word Riyal and reflects the country’s heritage and history. According to the Saudi Central Bank (SAMA), the symbol will be introduced into financial and commercial transactions soon.
It is worth noting that the Saudi Riyal, the official currency used in Saudi Arabia, was linked to the US dollar since 1986, with an exchange rate now of approximately 3.75 riyals per $1.
This new significant release comes under the country’s Vision 2030, a government program launched by Saudi Arabia which aims to achieve the goal of increased diversification economically, socially, and culturally, in line with the vision of Saudi Crown Prince and Prime Minister Mohammed bin Salman.
Furthermore, Crown Prince Mohammed bin Salman has been working intensively to boost the country’s economy, elevating various sectors such as sports, tourism, and technology.
The new currency symbol will help establish a solid economic foundation for trade both locally and globally, positioning Saudi Arabia as an attractive hub for thriving businesses and investments from around the world.
