Saudi Markets to Begin Dealing in Euro on January 1

The Saudi Arabian financial markets will start dealing in euro as a legal tender from January 1st. This move coincides with the European Union's decision to make euro a fully operational legal tender on New Year's Day.

According to banking sources, there won't be any difficulty for the public in their transactions using the new currency because euro has already been in use in paper transactions and the market has been prepared for the transition. The National Commercial Bank has confirmed that they are ready to deal in euro once it becomes available.

A leading Saudi importer believes that dealing in one currency instead of 12 currencies in Europe will simplify business operations and minimize losses caused by currency fluctuations.