Saudi riyal symbol: A nod to history and reinforcement of identity 
The approval of the Saudi riyal symbol by King Salman represents a historic move that will reinforce the currency’s identity.
Ayman Al-Sayari, governor of the Saudi Central Bank, said that the symbol aims to reinforce the Kingdom’s financial identity locally, regionally and internationally.
Al-Sayari added that the initiative promotes national identity and cultural belonging, highlights the role of the national currency, and showcases the Kingdom among major global economies and G20 members.
Additionally, the initiative signifies the growing importance of the national currency in the global financial ecosystem.
It is worth mentioning that the Saudi riyal symbol was developed with the highest technical standards. It embodies the Kingdom’s rich cultural heritage and carries the name of the national currency, “riyal,” in a design inspired by Arabic calligraphy.
The symbol also streamlines the representation of the Saudi riyal in local, regional and international contexts, making it suitable for all financial and commercial transactions.
Furthermore, the launch of the symbol reinforces the Kingdom’s financial system and its expanding role regionally and internationally, aligning with the Saudi Vision 2030 agenda.
The riyal symbol underwent three key phases. In the first phase, the focus was on ensuring that the symbol embodied the Kingdom’s national identity, and reflected pride in Saudi culture and language. This was achieved by designing it using Arabic script.
The symbol enhances the representation of the riyal in financial transactions and commercial dealings while facilitating its seamless integration into the global market.
The second phase involved technical evaluations, development, and reviews to ensure ease of application, and integration into financial and commercial systems.
Finally, the third phase included the official launch and the announcement of the national riyal symbol by King Salman.
The Saudi Central Bank said that the symbol will be used across various fields, including banking services, trading platforms, economic reports, contracts, invoices, receipts, applications, e-commerce stores and price tags.
The bank also said that the symbol will be implemented immediately, while its reflection in financial and commercial transactions, as well as various applications, will occur gradually in coordination with relevant entities.
The bank has set several guidelines for using the symbol, including providing a space between the symbol and the numeral, and positioning the symbol to the left of the numeral.
It is worth noting that the symbol emerged from collaborative efforts led by the bank, involving the Ministry of Culture, Ministry of Media, and the Saudi Standards, Metrology and Quality Organization.
Having a symbol for the Saudi riyal not only strengthens the Kingdom’s financial and economic identity regionally and globally, but also highlights the local currency as a credible and well-recognized currency in the international financial system.
The symbol enhances the representation of the riyal in financial transactions and commercial dealings while facilitating its seamless integration into the global market.
It bears the name “riyal,” reflecting the rich historical legacy of Saudi currency, first issued in 1927 during the reign of King Abdulaziz.
This era laid the groundwork for advancements in various fields, particularly finance and economics, through the introduction of a unified national currency for the Kingdom.
• Talat Zaki Hafiz is an economist and financial analyst. X: @TalatHafiz
