Governor of the Saudi Central Bank , Ayman Al-Sayari, expressed gratitude to King Salman and Crown Prince Mohammed bin Salman for their leadership in launching the symbol. He emphasized that this move enhances Saudi Arabia's financial identity globally. Al-Sayari noted that the implementation of the riyal symbol will be gradual, coordinating with relevant entities to integrate it into financial and commercial transactions.
The newly designed symbol reflects the Kingdom's rich cultural heritage, incorporating elements of Arabic calligraphy. It is intended to promote national identity and cultural belonging, positioning the Saudi riyal prominently among major global currencies, especially within the G20 economic framework.
The development of the symbol involved collaboration among various entities, including the Ministry of Culture, the Ministry of Media, and the Saudi Standards, Metrology, and Quality Organization. Their collective efforts ensured that the symbol meets high technical standards and authentically represents Saudi heritage.
Historically, the Saudi riyal has been the Kingdom's official currency since its establishment, with its roots tracing back to the Hejaz riyal used before the nation's unification. The introduction of an official symbol marks a significant evolution in the currency's history, aiming to streamline its representation in both domestic and international financial systems.
The Saudi Central Bank has outlined that the symbol's rollout will be phased, allowing businesses and financial institutions to adapt accordingly. This approach ensures a smooth transition and integration of the symbol into various financial platforms and transactions.