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Effective from Dec 31 1959 - Dec 30 1959 To view other versions open the versions tab on the right
In accordance with the suggestion of the Saudi Arabian Monetary Agency and the approval of the Minister of Finance, and in observance of the provisions of these regulations, the Council of Ministers shall decide:
a.
The denominations of paper currency and coins: -
1.
Which may be issued for circulation.
2.
Their shapes, designs, drawings, dimensions, contents, fineness, weights, size and all other specifications, quantities and costs;
3.
The place where the dies, plates and specimen signatures of those authorized to sign on bank notes are to be kept in safe custody;
4.
Safeguards against their counterfeiting,
5.
And the place and timing of printing or minting.
b.
Choice of banks in which the foreign currencies forming part of the currency cover (Kingdom's reserves) shall be deposited, provided that they must be first class banks.
c.
Investment by the Saudi Arabian Monetary Agency of the Kingdom's foreign exchange reserves in foreign bonds in accordance with the usual practice adopted by central banks.
