In the name of God, the Most Gracious, the Most Merciful
Number: 24
Date: 23 Jumada al‑Awwal 1377 AH
By the grace of God,
We, Saud bin Abdulaziz Al Saud,
King of the Kingdom of Saudi Arabia,
After reviewing Royal Decree No. 30/4/1/2575, dated 18 Dhu al‑Qi‘dah 1376 AH,
and Article Three of the Saudi Arabian Monetary Agency Law No. 23, dated 23 Jumada al‑Awwal 1377 AH,
and Council of Ministers Resolution No. 104, dated 20 Jumada al‑Awwal 1377 AH,
and based on the submission presented to us by the Council of Ministers and the Minister of Finance and National Economy,
We hereby decree the following:
Article One — Currency Unit
The unit of Saudi currency is the Saudi Riyal, divided into twenty Saudi qirsh, and each qirsh is divided into five Saudi halalas.
Article Two — Gold Parity
The value of the Saudi Riyal is set at 0.236979 grams of pure gold, known as the parity price.
This parity may not be altered except by Royal Decree and in accordance with international agreements to which the Kingdom is a party.
Article Three — Exclusive Right to Issue Currency
The minting, printing, and issuance of Saudi currency is an exclusive privilege of the Saudi Arabian Monetary Agency (SAMA).
No other entity may exercise this right.
Anyone who violates or attempts to violate this provision shall be subject to the penalty stipulated in Article Thirteen (a) of this Law.
Article Four — Currency Specifications and Foreign Reserves
Based on SAMA’s recommendation and with the approval of the Minister of Finance, and subject to this Law, the Council of Ministers shall determine:
- The denominations of banknotes and coins permitted for circulation
- Their forms, designs, quantities, dimensions, contents, inscriptions, weights, sizes, and all other specifications
- The secure storage of printing plates, dies, signature templates, and related materials
- Anti‑counterfeiting measures
- The place and time of minting or printing
- The selection of first‑class banks in which foreign currencies forming part of the currency cover may be deposited
Article Five — Withdrawal and Replacement of Currency
SAMA, with the approval of the Minister of Finance, shall determine:
- The denominations of currency to be withdrawn or replaced
- The conditions for exchanging worn or damaged currency
- The rules for confiscating counterfeit currency
- The procedures for public announcements regarding Saudi currency
Article Six — Currency Cover
- SAMA shall maintain a full cover equal to the value of all issued currency.
- At least 65% of the cover must consist of gold and foreign currencies convertible into gold.
- No more than 10% may consist of Saudi silver riyals.
- No more than 25% may consist of other foreign currencies approved by SAMA and the Minister of Finance.
- The cover must be preserved within the Kingdom, except for non‑gold portions which may be held in first‑class foreign banks.
Article Seven — Legal Tender
Saudi banknotes issued by SAMA in the denomination of the Riyal and its multiples and subdivisions shall have unlimited legal tender status for all public and private debts.
No one may be compelled to accept more than ten riyals in small‑denomination coins, except SAMA and its branches.
Article Eight — Signatures
Banknotes shall bear the signatures of the Minister of Finance and the Governor of SAMA.
Article Nine — Withdrawal of Gold Sovereigns
Saudi gold sovereigns shall be withdrawn from circulation and shall lose their legal tender status from the date of publication of this Law.
Holders may exchange them at SAMA within one month for forty Saudi riyals per sovereign.
After the deadline, they shall be treated as a commodity.
Article Ten — Currency Register
SAMA shall maintain a register recording all details of issued, stored, and withdrawn currency.
Article Eleven — Periodic Statements
SAMA shall publish in the Official Gazette:
- A bi‑monthly statement showing issued currency and its full cover
- An annual audited report including the balance sheet and profit‑and‑loss account
Article Twelve — Pilgrims’ Receipts
Pilgrims’ receipts shall be treated as banknotes until withdrawn from circulation and replaced with new currency.
Article Thirteen — Penalties
This article sets out detailed penalties for:
- Counterfeiting or circulating counterfeit currency
- Deliberate mutilation or destruction of currency
- Producing items resembling currency
- Printing or publishing images of currency without authorization
- Trading in counterfeit currency after discovering its defect
- Attempted offenses and accomplice liability
- Confiscation of counterfeit currency
Article Fourteen — Regulations
SAMA shall issue implementing regulations with the approval of the Minister of Finance.
Article Fifteen — Repeal of Conflicting Provisions
This Law supersedes all previous provisions inconsistent with its terms.
Article Sixteen — Implementation
The Prime Minister and the Minister of Finance and National Economy shall implement this Law, which shall take effect upon its ratification and publication.
Umm al‑Qura