(MENAFN) On Wednesday, Saudi Arabia will replace its one riyal note with a metal equivalent, the Saudi Arabian Monetary Agency (SAMA) said.
The current paper version will still be accepted for trading until a date is announced for its withdrawal, SAMA announced.
The Foundation justified its decision, with positive effects on the level of the economy of the individual and the macro economy.
The organization said coins are likely to stay in circulation for between 20-25 years while notes last only 12-18 months.
Vending machines in the country will be changed to accept the new coin, SAMA confirmed.
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