What is the Kingdom’s plan to issue SR 1,000 Notes?

For a long time now, there has been news circulating in the Kingdom of Saudi Arabia and around the world as well, of a new addition to the current banknotes line up in the Kingdom of Saudi Arabia.

People have been sharing pictures of an SR 1,000 note claiming it to be launched very soon. There was a lot of speculation on the matter; however, there was nothing concrete or solid in terms of information or confirmation about the new addition to the currency.

Now we have concrete news coming out about this, and it seems that all the speculation and rumors surrounding the issue can now finally be put to rest, and the truth can finally be known.

The SAMA or the Saudi Arabian Monetary Authority has just announced on last Thursday that it has no plans yet to issue the banknotes in the denomination of SAR 1,000. This was reported by the Saudi Press Agency.

In a statement made by the Saudi Central Bank, they categorically and clearly rejected all reports that were being circulated online on the social media, regarding the introduction of SR 1,000 note.

The new coins and banknotes with the picture of King Salman have already been launched. The new notes have been incorporated with the optimal technical features as well as strong and rigid security check marks.

It has been urged to all the people to rely on the authentic information which has been given out from the official and certified sources such as the Saudi Arabian Monetary Authority sources such as social media accounts or website, or the official news agency of the Kingdom of Saudi Arabia, known as the Saudi Press Agency for accurate and correct information regarding new addition to the bank notes, monetary policies or other related.

All commentators and speculators inside the Kingdom of Saudi Arabia, as well as outside of it can now be at peace knowing that the speculations of a new introduction to the roster of bank notes in the Kingdom, which was supposedly being released or issued “soon” is not going to be out anytime soon.

At least until the related and concerned authorities in the Kingdom of Saudi Arabia come out and give confirmation of the date of issuance of this new currency denomination.

Personally, I am happy that this news turned out to be fake as currency notes of higher denomination prove the devaluation of currency and nobody wants it with their country.

Source: Saudi Gazette

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Steve has been living in Saudi Arabia since 2013 and writing about Saudi rules, regulations, guides, and procedures since then.