Saudi riyal

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The riyal (currency code SAR) is the official currency of Saudi Arabia.

Contents

1 History
2 Denominations
3 Fixed exchange rate
4 See also
5 References
6 External links

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.

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.

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 qurush as well as in hallallah.

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 discountinued. There are also 20 riyal and 200 riyal banknotes commemorating the centennial of the Kingdom.

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[Saudi Arabia’s Exchange Rate Arrangement] [In this special feature Central Banking presents a survey of the Saudi Arabian Monetary Agency]. This rate was made official on January 1, 2003.

References

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/

Currencies of Asia and the Pacific
Central	Afghan afghani > Kazakhstani tenge \| Kyrgyzstani som \| Mongolian tugrug \| Russian ruble \| Tajikistani somoni \| Turkmenistani manat \| Uzbekistani som
East	Chinese yuan \| Hong Kong dollar \| Japanese yen \| Macanese pataca \| North Korean won \| South Korean won \| New Taiwan dollar
South-East	Brunei dollar > Cambodian riel \| Indonesian rupiah \| Lao kip \| Malaysian ringgit \| Myanmar kyat \| Philippine peso \| Singapore dollar \| Thai baht \| US dollar (East Timor) \| Vietnamese đồng
South	Bangladeshi taka > Bhutanese ngultrum \| Indian rupee \| Maldivian rufiyaa \| Nepalese rupee \| Pakistani rupee \| Sri Lankan rupee
West	Armenian dram > Azerbaijani manat \| Bahraini dinar \| Cypriot pound \| Egyptian pound \| Georgian lari \| Iranian rial \| Iraqi dinar \| Israeli new sheqel \| Jordanian dinar \| Kuwaiti dinar \| Lebanese livre \| Omani rial \| Qatari riyal \| Saudi riyal \| Syrian pound \| Turkish new lira \| UAE dirham \| Yemeni rial
Pacific	Australian dollar (Kiribati, Nauru, Norfolk Island, Tuvalu) > CFP franc (French Polynesia, New Caledonia, Wallis and Futuna) \| Fijian dollar \| New Zealand dollar (Cook Islands, Niue, Tokelau, Pitcairn Islands) \| Papua New Guinean kina \| Samoan tala \| Solomon Islands dollar \| Tongan pa'anga \| US dollar (American Samoa, Guam, Northern Mariana Islands, Marshall Islands, Federated States of Micronesia, Palau) \| Vanuatu vatu
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