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Encyclopedia > Saudi riyal
Saudi riyal
ريال سعودي (Arabic)
All Saudi riyal banknote denominations (front and back)
All Saudi riyal banknote denominations (front and back)
ISO 4217 Code SAR
User(s) Saudi Arabia
Inflation 1.9%
Source The World Factbook, 2006 est.
Pegged with U.S. dollar = 3.75 riyals
Subunit
1/100 hallalah
Symbol ر.س (Arabic), SR (Latin)
Coins 5, 10, 25, 50 and 100 hallalahs
Banknotes 1, 5, 10, 50, 100, and 500 riyals
Monetary authority Saudi Arabian Monetary Agency
Website www.sama-ksa.org

The riyal (currency code SAR) is the official currency of Saudi Arabia, and is written ر.س or SR. Image File history File links Download high resolution version (876x1235, 240 KB) Summary Edited and collected from different images from SAMA website. ... A fixed exchange rate, sometimes (less commonly) called a pegged exchange rate, is a type of exchange rate regime wherein a currencys value is matched to the value of another single currency or to a basket of other currencies, or to another measure of value, such as gold. ... ISO 4217 Code USD User(s) the United States, the British Virgin Islands, East Timor, Ecuador, El Salvador, the Marshall Islands, Micronesia, Palau, Panama, Turks and Caicos Islands, and the insular areas of the United States Inflation 3. ... Monetary authority is a generic term in finance and economics for the entity which controls the money supply of a given currency, and has the right to set interest rates, and other parameters which control the cost and availability of money. ... Saudi Arabian Monetary Agency (SAMA), the central bank of the Kingdom of Saudi Arabia, was established in 1952. ...

Contents

History

The riyal has been the currency of Saudi Arabia since the country came in to being and was the currency of Hejaz before Saudi Arabia was created. The Hejaz riyal was initially equivalent to the Ottoman 20 qurush coin and was consequently divided into 20 qurush, each of 40 para. It has been suggested that this article or section be merged with Western Province (Saudi Arabia). ... Qirsh, Gersh and KuruÅŸ are all names for currency denominations in and around the territories formerly part of the Ottoman Empire. ...


However, the riyal was later set equal to the larger Maria Theresa thaler, worth 22 Ottoman qurush. Hence, the Saudi currency system was initially 22 qurush = 1 riyal. This remained the system of currency even though the riyal was subsequently debased. Maria Theresa thaler. ...


In 1960, the system was changed to 20 qurush = 1 riyal and this was followed in 1963 by the introduction of the hallalah, worth one hundredth of a riyal. Saudi coins still bear denominations in hallallah; Denominations in qurush are not commonly used in everyday life anymore.


Denominations

The Saudi Arabian Monetary Agency (SAMA) issues banknotes in denominations of 1, 5, 10, 50, 100, and 500 riyals and coins in denominations of 5, 10, 25, 50 and 100 hallalahs. The one-hallalah coin is discontinued. There are also 20 riyal and 200 riyal banknotes commemorating the centennial of the Kingdom. Saudi Arabian Monetary Agency (SAMA), the central bank of the Kingdom of Saudi Arabia, was established in 1952. ... The Kingdom of Saudi Arabia is a country on the Arabian Peninsula. ...


Fixed exchange rate

In June 1986, the riyal was officially pegged to the IMF's Special Drawing Rights (SDRs). In practice, it is fixed at 1 U.S. dollar = 3.75 riyals, which translates to approximately 1 riyal = 0.266667 dollar[1] [2]. This rate was made official on January 1, 2003. The International Monetary Fund (IMF) is an international organization that oversees the global financial system by observing exchange rates and balance of payments, as well as offering financial and technical assistance when requested. ... Special Drawing Rights (SDRs) is a potential claim on the freely usable currencies of International Monetary Fund members. ... ISO 4217 Code USD User(s) the United States, the British Virgin Islands, East Timor, Ecuador, El Salvador, the Marshall Islands, Micronesia, Palau, Panama, Turks and Caicos Islands, and the insular areas of the United States Inflation 3. ... January 1 is the first day of the calendar year in both the Julian and Gregorian calendars. ... 2003 (MMIII) was a common year starting on Wednesday of the Gregorian calendar. ...

Current SAR exchange rates
Use Yahoo! Finance: AUD CAD CHF EUR GBP HKD JPY USD
Use XE.com: AUD CAD CHF EUR GBP HKD JPY USD

Note: Rates obtained from these websites may contradict with pegged rate mentioned above

See also

The Cooperation Council for the Arab States of the Gulf (Arabic: مجلس التعاون لدول الخليج), formerly named and still commonly called Gulf Cooperation Council (GCC) (مجلس التعاون الخليجي) is a regional organization involving the six Persian Gulf Arab States with many economic and social objectives in mind. ...

References

  1. ^ Saudi Arabia’s Exchange Rate Arrangement
  2. ^ In this special feature Central Banking presents a survey of the Saudi Arabian Monetary Agency

External links

  • Riyal banknote series From the first edition to the special edition. Does not include newer releases such as the new 100 and 500 rial banknotes with enhanced security features.
  • Amended 500-Riyal put in circulation
  • http://www.islamicbanknotes.com/

  Results from FactBites:
 
Saudi riyal - Wikipedia, the free encyclopedia (413 words)
The riyal has been the currency of Saudi Arabia since the country came in to being and was the currency of Hejaz before Saudi Arabia was created.
The Hejaz riyal was initially equivalent to the Ottoman 20 qurush coin and was consequently divided into 20 qurush, each of 40 para.
The Saudi Arabian Monetary Agency (SAMA) issues banknotes in denominations of 1, 5, 10, 50, 100, and 500 riyals and coins in denominations of 5, 10, 25, 50 and 100 hallalahs.
Saudi riyal - Facts, Information, and Encyclopedia Reference article (174 words)
The Saudi riyal (currency code SAR) is the official currency of Saudi Arabia.
The Saudi Arabian Monetary Agency (SAMA) issues banknotes in denominations of 1, 5, 10, 20, 50, 100, 200 and 500 riyals and coins in denominations of 5, 10, 25, 50 and 100 hallalahs.
The Bahraini dinar is pegged in turn to the riyal: one dinar is worth ten riyals.
  More results at FactBites »

 
 

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