The currency of Saudi Arabia is the Saudi rial

2024 Author: Howard Calhoun | [email protected]. Last modified: 2023-12-17 10:16

The national currency of Saudi Arabia - the riyal (riyal) - is the official currency of the kingdom located on the Arabian Peninsula. For a long time, this territory did not have its own monetary unit; gold and silver items from European countries were in use.

Saudi Arabia currency: bills and coins

SAR is considered to be the accepted symbol on the international currency market.

The kingdom has banknotes in denominations from one to five hundred rials. Less often you can find small coins in 1 and 2 kurush.

The history of the formation of the monetary standard

The very concept of "riyal" ("riyal") was borrowed by Arabs from European countries, it translates as "royal". This designation is also used by other Arab countries: Yemen, Iran, Qatar. The national currency of Saudi Arabia did not immediately appear before the citizens in the form in which it is now in use. This was preceded by three stages of formation:

1. 30s of XX century. In 1928, the national currency was adopteda sovereign, which at that time was equal to 10 rials in relation to the modern monetary unit.
2. 60s of XX century. In 1952, the sovereign remained the official currency, but its rate increased significantly - up to 40 rials to one sovereign.
3. 70s of XX century. Since 1960, the sovereign currency has lost ground, and after the adoption of the law, the currency of Saudi Arabia, the riyal (riyal), appears in everyday life. This currency is still in use today. The Monetary Agency is the regulator of financial policy.

2007 reform

In the late spring of 2007, the Monetary Agency introduced the fifth stage of reforming the monetary currency. This time, a new series of banknotes was issued, which to this day depicts the former king of Saudi Arabia, Sheikh Abdullah, the son of Abdulaziz from Saudi Arabia, who died at the end of January 2015. His image is placed on all banknotes, except for the banknote of 500 rials. On the front side of this banknote is the father of the sheikh, also the former king of Saudi, Abdul-Aziz. The image of the deceased was left as a tribute to the memory of the former ruler.

The throne of the King of Saudi Arabia is inherited. Therefore, with the advent of each new ruler, the image on the money changes.

Banknotes put into circulation before the reform are also valid, but are gradually being withdrawn from circulation.

The exchange rate against the dollar, ruble and euro

Saudi rial - Russian ruble. Throughout 2015, the rial is quite stable against the national currency of Russia. For 1real give 13.5 rubles.

Saudi Riyal - American dollar. An active international foreign policy between As-Saudi and the United States of America implies a lively foreign exchange. For 1 dollar they give 3.7 rials.

The Saudi Riyal is the single currency of the European Union (Euro). The euro currency, which is actively used in Western countries, is also in circulation in Saudi Arabia, and is 1 euro for 4.2 rials.

Tourist Features

When heading to this country as a traveler, you should know what currency is in Saudi Arabia. When entering or leaving, a tourist must necessarily submit a declaration of the availability of funds if this amount exceeds sixty thousand rials.

This applies not only to paper money, local or foreign currency, but also expensive precious metals, precious stones, bonds, stocks and so on.

Foreign currency can be changed at commercial banks, specialized ATMs and private non-governmental organizations. ATMs are very popular, as they are mostly located near shopping centers. The legislation in this case does not limit the amount of imported and exported funds.