In a major move to strengthen the kingdom's financial identity locally, regionally, and globally, Saudi Arabia has officially introduced a new symbol for the riyal, its national currency. The Saudi Central Bank (SAMA) made the announcement on Thursday after receiving formal clearance from King Salman bin Abdulaziz.
According to a statement from SAMA, the new riyal emblem represents Saudi Arabia's rich cultural legacy and was created to the greatest technical standards.
"The symbol will make it easier to refer to the Saudi riyal in all financial and commercial transactions, strengthening its presence in the global financial system," said the statement.
The symbol, which bears the name of the national currency, "Riyal," and was inspired by Arabic calligraphy, attempts to simplify its depiction in financial and business activities both locally and outside.
