Currency of Saudi Arabia - Saudi Riyal

The national currency of Saudi Arabia - rial (riyal) - is the official monetary unit of the kingdom, located on the Arabian Peninsula. For a long time there was no monetary unit in this territory, gold and silver products of European countries were in use.

Currency of Saudi Arabia: notes and coins

The accepted designation in the international currency market is SAR.

In the circulation of the kingdom are banknotes with a face value of one to five hundred riyals. Less often you can find small coins in 1 and 2 kurush.

History of the formation of the monetary standard

The very concept of "rial" ("riyal") was borrowed by the Arabs from the countries of Europe, it is translated "royal". This designation is 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 common use. This was preceded by three stages of formation:

1. 30th years of XX century. In 1928, the national currency was adopted sovereign, which at that time equaled 10 rials in relation to the modern monetary unit.
2. 60th years of XX century. In 1952, sovereign remained the official currency, but its rate rose significantly - to 40 riyals to one sovereign.
3. 70th years of XX century. Since 1960, the currency has lost its position, and after the adoption of the law, the currency of Saudi Arabia - rial (riyal) appears in everyday life. This monetary unit is still in effect. The regulator of financial policy is the Monetary Agency.

Reform of 2007

In late spring of 2007, the Foreign Exchange Agency introduced the fifth stage of currency money reform. This time, a new series of banknotes was issued, on which the former King of Saudi Arabia Sheikh Abdullah, the son of Abdul-Aziz of Saudi Arabia, who died at the end of January 2015, is portrayed to this day. His image is placed on all banknotes except for a banknote of 500 rials. On the front side of this banknote is the father of the sheikh, also the former King of Saudi Arabia, Abdul-Aziz. The image of the deceased was left as a respect for 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 money changes.

Banknotes issued before the reform, too, are valid, but are gradually withdrawn from circulation.

Exchange rate against the dollar, the euro and the euro

Saudi riyal is a Russian ruble. During 2015, rial is fairly stable relative to the national currency of Russia. For 1 real give 13.5 rubles.

Saudi Rial is an American dollar. The active international foreign policy between Saudi Arabia and the United States of America implies a lively currency exchange. For $ 1 give 3.7 riyal.

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

Tourist features

Going to this country as a traveler, you should know what currency is in Saudi Arabia. When entering or leaving the tourist must necessarily submit a declaration of the availability of funds, if this amount exceeds sixty thousand riyals. This applies not only to paper equivalents, in local or foreign currency, but also precious precious metals, precious stones, bonds, shares, and so on.

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