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The riyal (currency code SAR) is the official currency of Saudi Arabia, and is written ر.س or SR.

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

[edit] 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.

[edit] 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.

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

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

[edit] See also

• Cooperation Council for the Arab States of the Gulf

[edit] References

<references/>

[edit] 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/

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ar:ريال سعودي

ca:Riyal saudita de:Saudi Rial ko:사우디아라비아 리알 pl:Rial saudyjski