By royal decree; a new phase begins for the Saudi Riyal.

In a step reflecting the evolution of the Saudi financial system, King Salman bin Abdulaziz Al Saud announced on Thursday, February 20th, the adoption of an official symbol for the Saudi Riyal, marking a significant milestone in the national currency's journey and enhancing its position both locally and internationally.

The Governor of the Saudi Central Bank "SAMA," Ahmed Alkholifey, emphasized that the adoption of the Saudi Riyal symbol represents a strategic move that strengthens the Kingdom's financial and economic identity. He explained that the implementation of the new symbol will commence immediately, gradually integrating it into financial transactions, commercial activities, and digital applications in collaboration with relevant official entities.

Alkholifey noted that the new symbol is not merely a design but a reflection of the Saudi Riyal's globally trusted status, contributing to bolstering confidence in the national currency and showcasing the strength of the Saudi economy as part of the G20. He affirmed that this decision supports the Kingdom's position in the growing global financial system.

The symbol was designed according to the highest technical standards to reflect the Kingdom's culture and rich heritage, bearing the name "Riyal" in Arabic script inspired by traditional authentic lines, making it user-friendly in financial transactions both locally and globally.

Alkholifey praised the efforts exerted to ensure the success of this national project, expressing gratitude to the Ministry of Culture, the Ministry of Media, and the Saudi Standards, Metrology, and Quality Organization, which collaborated with the Central Bank to adopt the new symbol, in the framework of enhancing the Saudi financial identity.

The announcement of the Saudi Riyal symbol coincides with the Kingdom's celebrations of its foundation day, symbolizing the consolidation of national identity and pride in the Saudi financial heritage. It comes within the context of ongoing efforts to develop the financial sector, enhance investments, and improve the efficiency of financial markets in line with Vision 2030.

Economic expert Talaat Hafez affirmed that adopting the currency symbol reflects the strength of the Saudi monetary system, noting that the Saudi Riyal is one of the oldest currencies in the region, dating back to 1928.

In an interview with "Al Arabiya Business," Hafez added that the Saudi Riyal enjoys a solid international status derived from the strength of the Saudi economy, being one of the strongest economies in the G20.

Hafez pointed out that launching the Saudi Riyal symbol is a global practice followed by many major currencies like the Dollar and Euro, emphasizing that this step contributes to enhancing the Kingdom's financial identity and supporting its sustainable economic growth.

The launch of the Saudi Riyal symbol represents a qualitative step towards enhancing the national currency's position in global financial markets, opening new horizons for the Saudi financial sector and confirming that the Kingdom is confidently moving towards a more advanced and sustainable economic future.