Saudi Arabia has launched a new currency symbol for riyal, the Saudi Central Bank (SAMA) announced on Thursday.

“This initiative aims to promote Saudi Arabia’s financial identity locally, regionally and internationally. It reinforces national identity and cultural belonging, highlights the role of the national currency and showcases the Kingdom among major global economies and G-20 members,” the bank said in a statement.

“The Saudi riyal symbol, developed to the highest technical standards, embodies the Kingdom’s rich cultural heritage, carrying the name of the national currency ‘Riyal’ in a design derived from Arabic calligraphy.

“The symbol will streamline the representation of the Saudi riyal in local, regional and international contexts, making it suitable for use in referring to the Saudi riyal in all financial and commercial transactions,” it added.

The Central Bank’s Governor Alman Al Sayari noted that this decision reinforces Saudi Arabia’s financial identity locally, regionally and internationally, according to the official Saudi Press Agency (SPA).

As Saudi Arabia advances its Vision 2030 agenda, the launch of the symbol solidifies the importance of the Kingdom’s financial system and its increasing role regionally and internationally, SPA reported.