Saudi Arabia Unveils Currency Symbol to Promote Financial Status

Saudi Arabia has introduced a new symbol for its local currency as part of efforts to establish the kingdom as a global financial hub.

The design, made up of Arabic calligraphy of the word riyal, will be implemented gradually for use in financial and commercial transactions, according to a statement from the country’s central bank.

Saudi Arabia’s first-ever currency symbol for the riyal.

Source: Saudi Central Bank

The Saudi riyal has been pegged to the US Dollar since 1986 and is set at a fixed exchange rate of 3.75 riyals per $1. The peg has long helped the country facilitate international trade and investment, and serves the country’s broad Vision 2030 ...