Saudi Arabia introduces new official riyal symbol

By Mucahithan Avcioglu

ISTANBUL (AA) - Saudi Arabia presented the new currency riyal symbol, the Saudi Central Bank (SAMA) announced on Thursday.

"This initiative aims to promote Saudi Arabia's financial identity, locally, regionally, and internationally. It reinforces national identity and cultural belonging, highlights the role of the national currency, and showcases the Kingdom among major global economies and G20 members," the bank said in a statement.

"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," it added.

The Central Bank's Governor Alman Al-Sayari noted that this decision reinforces Saudi Arabia's financial identity locally, regionally, and internationally, according to the official Saudi Press Agency (SPA).

As Saudi Arabia advances its Vision 2030 agenda, the launch of the symbol solidifies the importance of the Kingdom's financial system and its increasing role regionally and internationally, SPA reported.