LogoRegulatory Alerts
2020-10-28

Replacing Damaged Saudi Banknotes

The Saudi Central Bank mandates that banks accept and replace damaged Saudi banknotes submitted by the public, provided they retain at least 60% of their original area and are free from counterfeit indicators. The circular specifies that notes with missing signatures or serial numbers remain eligible for exchange, while heavily fire-damaged or worn notes must be evaluated at SAMA branches. Financial institutions are required to circulate sound currency, withdraw unfit notes, and coordinate with SAMA branches for the submission of damaged specimens.

Saudi Central Bank logo

Saudi Arabia

Saudi Central Bank

Click to view thumbnail

In the Name of Allah, the Most Gracious, the Most Merciful

Saudi Central Bank Headquarters

Banking Policy Department

Reference No.: Date: 1442/03/11 Attachments: None

Circular

Reference No.: 42015322 Date: 1442/03/11 Attachments: None

To the Esteemed, Peace, mercy, and blessings of Allah be upon you, Subject: Replacing Damaged Saudi Banknotes.

In continuation of the Authority's instructions communicated via Circular No. 34734 dated 10/7/1432 AH regarding the mandate for banks to receive and replace damaged banknotes from beneficiaries (torn, burnt, worn, incomplete at edges or parts, or with any features obscured due to dirt or adhesives, or bearing inappropriate inscriptions....).

And in line with the Authority's commitment to providing sound and circulation-ready banknotes, the Authority confirms the acceptance and replacement of various denominations after verifying their authenticity, while adopting the specified mechanism for accepting and compensating damaged banknotes submitted by the public:

  1. The replaced banknote must have clear features and its area must not be less than 60% of the original note's size.
  2. Both signatures (the Minister of Finance and the Governor of the Saudi Central Bank) or both serial numbers must not be completely missing.
  3. In case the banknote's features are unclear due to fire or other natural factors such as wear, its holder must present it to one of the Authority's branches.

For information, action, and confirmation to all bank and currency exchange branches regarding the circulation of sound currency and the withdrawal of damaged or unfit notes, along with coordination with the Authority's branches for their submission.

Yours sincerely,

Fahd bin Ibrahim Al-Shathri Deputy Governor for Supervision

Distribution Scope:

  • Banks and financial institutions operating in the Kingdom.

P.O. Box 2992, Riyadh 11169, Telegram: MARKAZ, Telex: 401435 SAMA

Share