The ruling on exchanging ten paper riyals for nine metal riyals

The questioner : We have heard, may Allah preserve you, that you issue a fatwa stating that it is permissible to exchange or swap ten paper riyals for nine minted metal coins, knowing that the riyal is the minted gold that the government introduced into the bank. What is the validity of this fatwa?

The Shaykh : I mean, what is the validity of attributing it to me? Yes, the attribution to me is correct, and I hold this view. If I needed to, I would do it myself as well.

The questioner : Regarding our lesson, may Allah preserve you, in finding what is not needed, does this not mean exchanging wealth for wealth, i.e., gold for gold?

The Shaykh : No, no, this is exchanging gold for a gold equivalent. Because the pure paper is not gold. And now, if you wanted to take the paper currency and go to the Monetary Authority and say, “Give me its equivalent in silver,” they would refuse you, or “Give me its equivalent in gold,” they would refuse that too. They would say, “Go drink bread, that is enough.” May Allah guide you.