The Process of Counting and Sorting Bank Deposits of Unfit One Riyal Denomination

Translated Document

In an effort to find an appropriate mechanism to address cases of surpluses and shortages that may occur in bank deposits and the resulting approved fines during the counting and inspection at SAMA branches , and based on Circular No. 21453/TD dated 08/10/1424 H. Regarding the organization mechanism for counting and sorting bank imports of currency in one-riyal denominations. Therefore, we hope that the following will be considered:
First:
Emphasis on banks adhering to the screening standards acceptable to SAMA, with the importance of communication between employees handling the cash sorting at the banks’ cash centers and the officials at SAMA branches. Second:
banknotes of the one Riyal denomination are counted, sorted, and inspected 100%.
Third:
In the event of an increase in the quantity of one-riyal denomination unsuitable for circulation imported by banks, and if counting and inspecting them by SAMA branch in a timely manner is not possible, then they will be entirely counted with the inspection and sorting of only 30%. If any inappropriate banknotes are found among them (such as intact notes with missing parts or intact notes glued from different parts), a fine amounting to three times the value of the inappropriate banknote will be imposed. Fourth:
The increase and decrease restriction, as well as fines, rely on counterfeit currency and non-conforming currency of the one-riyal denomination in bank imports automatically.

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