It’s raining riyals: SR199bn in circulation by 2015-end

Banknotes accounted for the bulk of currency in circulation, about 99.8 percent of total currency in circulation or SR198.4 billion. (SPA)

JEDDAH: The total value of banknotes and coins in circulation in the Kingdom at the end of last year was SR198.7 billion, in comparison with SR180.9 billion by the end of 2014.
The figures suggest growth of nearly 10 percent.
According to reports and statistics from the Saudi Arabian Monetary Agency (SAMA), banknotes accounted for the bulk of currency in circulation, about 99.8 percent of total currency in circulation or SR198.4 billion.
Banknotes are more widely used than coins due to the ease of carrying them, saving them, and their lighter weight. While the cost of producing banknotes is less than coins, banknotes are also used faster, thus making them more expensive in the long-term.
According to the analysis, the number of SR200 and SR20 bills in circulation fell to their lowest level since 1999, the year when they were issued.

Banknotes are in the denominations of SR500, SR200, SR100, SR50, SR20, SR10, SR5 and SR 1.
At the same time, SR500 bills were most used, representing around 81 percent of total banknotes in circulation. They are followed by the SR100 bill accounting for 13 percent of total banknotes circulated as of the end of last year.
SR50 bills accounted for SR6.6 billion, or 3.3 percent, of total banknotes in circulation; SR10 bills accounted for SR 2.22 billion, or 1.1 percent, of total banknotes in circulation; and SR5 bills and SR1 bills accounted for SR1.24 billion and SR1.18 billion respectively.
The circulation of SR200 bills has declined since 2007, but increased in 2004, 2005 and 2006.
At of the end of last year, SR104.7 million in SR20 bills were in circulation. Similarly, circulation of SR200 bills declined to SR215.3 billion in circulation as of the end of last year, compared to SR3.4 billion in 1999.
As for coins, the total value in circulation as of the end of last year was SR334.4 billion, divided into seven categories: 1 halala, 5 halalas, 10 halalas, 20 halalas 25 halalas, 50 halalas and 100 halalas.
Circulation of 50 halala coins was greatest with a value of SR17 million, representing around 52 percent of all coins in circulation. Circulation of 25 halala coins amounted to SR82.1 million, while 100 halala coins amounted to SR33.9 million, or 10 percent of the total coins in circulation. Ten halala coins in circulation amounted to SR2.5 million while 5 halala coins amounted to SR356,000.
Circulation of coins rose by approximately 6 percent, or SR 21.3 million, with the most noticeable increase among 50 and 25 halala coins.