Saudi Arabian Monetary Authority to launch digital currency for banks

Author: Arab NewsSat, 2017-10-07 03:00ID: 1507327082757523500RIYADH: The Saudi Arabian Monetary Authority (SAMA) is planning to implement a pilot project to issue a virtual/digital currency that will only be traded among banks.
The authority will also study the project’s positive aspects, said Dr. Ahmed Al-Khulaifi, governor of SAMA. 
Addressing a recent press conference in Riyadh, he ruled out plans to issue a digital currency for trading between individuals and companies.
SAMA plans to dispense with SR1 currency notes and issue coins for this denomination instead, the governor was quoted as saying by Al-Hayat daily.
He said that SAMA was taking all steps needed for the issuance and circulation of riyal coins, which will be available at the SAMA headquarters, its branches and the entire banking sector.
Liquidity in the banking system is good, the governor added.
Main category: Saudi ArabiaTags: Saudi Arabian Monetary Authority (SAMA)Saudi ArabiaRiyadhJeddahrelated_nodes: SAMA governor: Real GDP growth of 1.7% during 2016SAMA to launch virtual riyal for banksSaudi economy grew in 2016 despite global slump: SAMA

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