2017-05-04 Thu

Saudi Arabia issued new banknotes four months ago but officials have not yet reconfigured cash deposit machines. Customers are now facing issues in getting their old notes exchanged as they have to visit banks on working days. Shopkeepers and traders are also facing problems as they mostly deposit their daily collections in the evening. Counterfeit detector machines that retailers use to differentiate between original and fake SR500 bills have also not been recalibrated. Banks have been given an official deadline of six months by the Saudi Arabian Monetary Authority (SAMA) to reconfigure their software.

The new notes, released in December 2016, belong to the sixth edition of currency notes and coins and have improved security features. These notes and coins commemorate the Custodian of Two Holy Mosques King Salman in December 2016. The new notes are of denominations 500, 100, 50, 10 and 5 which similar in size to the older version. They depict the portrait of King Salman.