RIYADH: 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.
Saudi Arabian Monetary Authority to launch digital currency for banks
Saudi Arabian Monetary Authority to launch digital currency for banks
Taif festival inspires readers of all ages
- Hands-on activities, storytelling, and interactive spaces engage children, families, and literary enthusiasts alike
JEDDAH: The Literature, Publishing and Translation Commission launched the third Writers and Readers Festival at Arruddaf Park in Taif, running through to Jan. 15 under the slogan “Your Presence Matters.”
Daily programming, from 4 p.m. to midnight, offers a cultural and recreational experience honoring writers and readers across generations, blending heritage with modern cultural expression.
Commission CEO Abdullatif Al-Wasel said the festival supports Vision 2030 by promoting culture as a lifestyle, broadening intellectual horizons, and empowering citizens to contribute to cultural advancement.
Taif, the Kingdom’s first UNESCO Creative Cities Network literature city, provides a fitting backdrop for the festival’s comprehensive cultural-recreational programming, the Saudi Press Agency reported on Saturday.
Al-Wasel said that the festival targets all segments of society, balancing knowledge enrichment with recreational activities, and fostering interaction among writers, readers, and thinkers.
It celebrates the literary ecosystem and provides a platform for creatives from Saudi Arabia and abroad to exchange ideas, enriching the cultural scene, he added.
The festival spans four main sites — Aldarb, Almatal, Alfanaa, and Alsarh — and features more than 270 events including 176 cultural activities, 84 theatrical performances, seven musical and poetry evenings, and 45 literary and artistic works.
Approximately 42 publishing entities, both domestic and international, participate, giving visitors access to contemporary releases across literary, intellectual, and knowledge domains.
Commission-developed interactive platforms facilitate direct engagement between publishers and audiences, advancing reading culture and contemporary creative discovery amid strong interest from publishing sector stakeholders.
Al-Fina’ zone’s “Between Reality and Imagination” program blends visual storytelling with animated narrative, following protagonist Haya’s creative journey and introducing visitors to Arab and international literary dimensions.
Multi-station narrative exploration covers mythology, folklore, science fiction, mystery, and epic verse, emphasizing the transition between reality and imagination through modern interactive formatting.
Twenty artistic platforms showcase artisan products, while interactive spaces allow visitors to enjoy poetry, music, explore historical literary figures, and experience diverse genres from novels to manga.
An interactive pavilion introduces the commission’s role in supporting literature, publishing, and translation, highlighting its initiatives, projects, and future plans.
A children’s area features five sections with hands-on activities, educational games, and a storyteller’s theater, promoting creativity, critical thinking, and cultural values.
