Your Excellencies, Dear Audience,

I am pleased to welcome you all to the ceremony for the release of the sixth issue of national banknotes and coins for the era of the Custodian of the Two Holy Mosques, King Salman bin Abdulaziz Al-Saud.

Dear Audience,

Cash plays a growing and critical role in various economic activities. Its use has expanded in the modern era due to the immense evolution of technology, transportation, communications, payment systems, and trade and financial openness. Thus, it has gone beyond its key functions as a measure of value and a medium of exchange. In the Kingdom of Saudi Arabia, the stability of the national currency and the contemplated expansion in money supply via various payments means have played a significant role in activating the financial sector's contribution to the economic development. In the last decades, particularly the last one, the national economy has witnessed a comprehensive and notable growth through completing most of infrastructure components, improving the workforce, enhancing the efficiency of production factors and openness to the world in order for the economy to continue its growth and enhance its capabilities to address the existing and future challenges posed by developments in the international crude oil markets. This year, the government has adopted an ambitious program for a better tomorrow represented in Vision 2030 which includes various goals to restructure the domestic economy. The achievement of this vision is dependent on the guidance of Allah Almighty, fellow Saudis and the Kingdom's great financial and investment capabilities as a significant element on which the vision relies to achieve sustainable growth. Undoubtedly, this entails an effective and sophisticated monetary sector and a stable national currency.

Dear Audience,

The Saudi riyal is a precious national icon for every Saudi citizen, and it has been a main contributor to our inclusive development. Every issue of the Saudi riyal marks the economic developments taking place in the auspicious era of every king of this blessed country. There have been several issues of the Saudi riyal, the first of which dates back to the coining of the Saudi quarter-qirsh, and half-qirsh in 1343H in the era of the Founder of the Kingdom, King Abdulaziz bin Abdulrahman Al-Saud. Afterwards, five successive issues of banknotes and coins with various denominations have been launched to perform their respective role in the economic development according to the requirements of each era.

Dear Audience,

It gives me great pleasure to announce with all pride and honor the release of the sixth issue of the Saudi currency. The new issue of banknotes and coins have been designed in line with most advanced technologies and standards and best technical and security specifications that commensurate with the standing of the kingdom's currency and the leading position of SAMA and boost confidence in the durability and soundness of the Saudi riyal. SAMA plans to put the sixth issue of the banknotes and coins in circulation and make it available at all SAMA branches on 27/3/1438H ( 26/12/2016). The new issue's denominations will be circulated as the kingdom's official currency and legal tender as banknotes and coins of all denominations that are currently in circulation. To meet the market's needs of cash, SAMA will continue to put in circulation the remaining stock of the fifth issue of currency.

Dear Audience,

The sixth issue of banknotes depicts several landmarks and images that reflect the kingdom's religious and historical fundamentals and economic achievements. A portrait of King Abdulaziz bin Abdulrahman Al-Saud, the Founder of this great nation, is printed on the front sides of the largest banknote denomination (SAR 500) and the largest coin denomination (SAR 2). The new issue also includes a portrait of the Custodian of the Two Holy Mosques, King Salman bin Abdulaziz Al-Saud, on the front side of the rest of banknote denominations and the one-riyal coin denomination. In short, the banknote denominations include several features that will be presented to you later on.

In addition to the invaluable images and landmarks included in the new issue, aesthetic aspects have been taken into account in its design through adding consistent and attractive colors, and embedding unique geometric motifs inspired by the Islamic architectural heritage. As for the technical specifications and security features of this issue's banknotes, SAMA has been keen on introducing cutting-edge printing papers with high technical specifications to extend the longevity of banknotes as well as using the latest and best security features to make it easier to verify them. The security features of the new banknote issue include:

The holographic stripe, which is one of the latest international security features currently used in many countries, such as the United States and Britain. The stripe enables the holder to verify the authenticity of banknotes at a glance.

The holographic strip is supported with two other security features; the security silver thread and the special-effect ink which show holographic effects and patterns when tilting the banknote.

The sixth issue also includes the traditional portrait watermark, advanced portrait watermarks, and visible and invisible fluorescent patterns.

There are also covert security features which help specialists verify banknotes.

For the visually impaired, raised printing has been added to help them recognize the value of the note.

Dear Audience,

SAMA has given a great attention and care to coins in the sixth issue due to their nature as an integral part of the currency and payment means in the national economy. SAMA has conducted extensive studies on coin circulation and how to maintain the quality and availability of coins to individuals, retail sector and banks across the kingdom. The studies concluded that current coin designs are very old, mostly in one color, and their large size and relatively heavy weight led to weaker circulation and unpopularity of the SAR 1 coin. As the volume of SAR 1 banknotes increased to account for half of banknotes in circulation, it became more challenging for cash handlers, including SAMA, banks and shops, to count and process the large quantities of this denomination.

Therefore, it was decided that the SAR 1 banknote will be phased out and replaced by the SAR 1 coin. This has many positive effects on the Saudi economy, as the lifespan of a coin is estimated between 20 to 25 years, while the lifespan of a banknote is estimated between 12 to 18 months, subject to circulation conditions.

Studies also showed that introducing a new coin denomination will reduce the number of coins carried by a person, and help strike a balance between coins and banknotes, especially for denominations below the value of five riyals, which is the practice adopted in many countries. Accordingly, we have decided to issue a new SAR 2 coin denomination.

Dear Audience,

The developments in the coin industry over the past decades allow for designing coins in more attractive colors and shapes, with smaller sizes and weights which will make coins easier to carry and use, while maintaining the currency value and confidence.

Dear audience,

In conclusion, I would like to express my sincere thanks to you again for your participation in this historic occasion, and I pray to Allah to keep our security and stability, and that the kingdom continues to grow under the patronage of the Custodian of the Two Holy Mosques, His Highness the Crown Prince and His Highness the Deputy Crown Prince.

I am honored now to unveil in this film the sixth issue of banknotes and coins for the era of the Custodian of the Two Holy Mosques King Salman bin Abdul-Aziz Al Saud.