Ahmed Al-Khlefee, governor of Saudi Arabian
monetary agency (SAMA), pointed out that there will no longer be paper Saudi
Riyal.
Al-Khlefee revealed in a SAMA conference, on Tuesday 4th
of October, that there are plans to release a trial electronic currency to be
rolled –out in banks in order to keep up with the international innovation. He
pointed out that the agency has received three banking licensing requests and
that SAMA will soon publish the requirements to get banking licenses in the
kingdom, in addition to that there are expectations that Saudi economy will,
soon, witness substantial development.