Saudi Arabia yesterday unveiled a symbol for the Saudi riyal approved by King Salman bin Abdulaziz Al Saud, the Saudi Press Agency (SPA) reported, citing the Saudi Central Bank (Sama).
The reveal of the Saudi riyal symbol is a historic move that is set to reinforce the Saudi currency’s identity, according to the report.
The Saudi riyal symbol “embodies the kingdom’s rich cultural heritage, carrying the name of the national currency ‘Riyal’ in a design derived from Arabic calligraphy,” SPA said.
Sama governor Ayman Al Sayari lauded King Salman and Crown Prince Mohammed bin Salman bin Abdulaziz Al Saud for launching the new symbol, saying that this decision reinforces Saudi Arabia’s financial identity locally, regionally and internationally.
The implementation of the new symbol will be gradual for financial and commercial transactions, with co-ordination across all relevant entities, Al Sayari added.
The initiative aims to promote national identity and cultural belonging, highlight the role of the national currency, and showcase the kingdom among major global economies and G20 members, SPA reported.
The initiative also signifies the increasingly important role of the national currency in the global financial ecosystem, it added.
The governor acknowledged all departments involved in the symbol’s development project led by Sama, including the Culture Ministry, the Media Ministry, and the Saudi Standards, Metrology and Quality Organisation.
“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,” SPA quoted Sama as saying.
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