Sama issues new currency worth $266m
Riyadh, July 24, 2014
The Saudi Arabian Monetary Agency (Sama) has issued new Saudi riyal currencies worth SR1 billion ($266.6 million) to meet growing demand during Eid Al-Fitr, said a report.
The newly issued currencies are availbale at Sama’s branch offices across the coutnry, said the Arab News report.
The new currencies are issued based on the kingdom's assets and services, an official was quoted as saying.
"A drop in the purchasing power of currency leads to monetary inflation and SAMA has taken this point into consideration," he said.
Sama has reported that there was little fall in liquidity due to a 4.8 per cent decline in deposits in May, when it reached SR196.7 billion, compared with SR206.8 billion the previous month.
The kingdom's monetary base, however, rose from SR335 billion to SR341 billion during the same period.
Monetary exchange outside banks rose by 2.07 per cent in May from April, increasing from SR149 billion to SR152.1 billion, a 10-per cent increase compared with the same period last year.