01/01/2021: End of Monetary Dualism
The Cuban government completed the currency unification process, eliminating the convertible peso (CUC) and establishing a single currency system with the Cuban peso (CUP).
20/05/2018: SAMA grants licenses for full-fledged digital banks
SAMA issued licenses to two banks for providing digital banking services, reflecting a shift towards digitalization in the financial sector.
21/12/2016: Saudi Arabia introduces the SAR 200 note
A new 200 riyal banknote was introduced, featuring a portrait of King Abdullah bin Abdulaziz Al Saud.
20/12/2013: Currency Unification Implementation
The Cuban government officially started the process of currency unification, gradually phasing out the convertible peso (CUC) and improving monetary policy.
25/10/2011: Currency Unification Announced
The Cuban government announced plans to eliminate the dual currency system and unify the CUP and CUC.
08/12/2004: Elimination of US Dollar Circulation
The Cuban government announced the withdrawal of the US dollar as legal tender and introduced the convertible peso (CUC) as a replacement.
20/12/2003: Launch of Riyal Interbank Express (SARIE)
SAMA launched SARIE, a real-time gross settlement system, improving interbank transactions and money transfers.
27/05/1997: Introduction of Saudi Arabian Monetary Agency new design series
SAMA introduced a new series of banknotes with enhanced security features to combat counterfeiting.
07/12/1994: Dollarization Decree
Cubans were allowed to hold and transact in foreign currencies, primarily the US dollar, to counter the economic crisis.
01/08/1994: Special Period
The Cuban economy faced a severe crisis due to the collapse of the Soviet Union, leading to currency devaluation and economic reforms.
30/06/1986: Saudi riyal pegged to the US dollar at 3.75 SAR per USD
Saudi Arabia pegged its currency to the USD, ensuring stability and ease of trade with international partners.
01/01/1961: Nationalization of Banks
The Cuban government nationalized all private and foreign-owned banks, including their currency holdings.
01/03/1952: Introduction of Saudi Arabian Monetary Agency (SAMA)
SAMA was established as the central bank of Saudi Arabia, responsible for issuing and managing the Saudi riyal.
23/09/1932: Establishment of the Kingdom of Saudi Arabia
The Saudi riyal currency was introduced following the unification of the Kingdom under King Abdulaziz Al Saud.