Saudi Arabia has officially introduced a new symbol for its currency, the Riyal, following the approval of King Salman bin Abdulaziz Al Saud. This new symbol draws inspiration from Arabic calligraphy and aims to reflect the Kingdom’s rich cultural heritage, as reported by the Saudi Press Agency (SPA)

The Saudi Central Bank announced that the new symbol will be gradually implemented for financial and commercial transactions. Ayman Al Sayari, the governor of the Saudi Central Bank, highlighted that this change will involve coordination across all relevant entities to ensure a smooth transition.

Al Sayari further explained that the decision to create a new symbol reinforces Saudi Arabia’s financial identity both locally and internationally. The initiative is designed to promote national identity and cultural belonging, emphasize the significance of the national currency, and elevate the Kingdom’s status within major global economies, including G20 members.

Additionally, the introduction of this new symbol signifies the increasing importance of the national currency in the global financial ecosystem, marking a notable step in Saudi Arabia’s economic development.