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Saudi Riyal (SAR)
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Description:
The official currency of Saudi Arabia (Saudi Riyal) is pegged to the US dollar at approximately 3.75 SAR per dollar.
1 Riyal = 20 Ghirsh = 100 Halala
Currency history:
The Hejazi Kingdom was established on June 10, 1916, and the Sultanate of Nejd and its Dependencies was established on August 22, 1921. Jebel Shammar was incorporated into Nejd on November 2, 1921, and Asir was incorporated into Hejaz on November 20, 1930. Hejaz and Nejd were united to create Saudi Arabia on September 22, 1932.
Silver Maria Theresa Thalers (XMTT) and British Gold Sovereigns (GBP) were used in the interior of Arabia before the establishment of Nejd and Hejaz with 1 Gold Sovereign (Pound) equal to 5 Maria Theresa Thalers. The Arabian National Bank of Hedjaz issued banknotes denominated in Pounds. Both Nejd and Hejaz minted local coins of lower denomination with 1 Riyal, equal to a Maria Theresa Thaler, divisible into 100 Piastres or 400 Para.
This situation created a bimetallic monetary system based upon British Gold Sovereigns and silver Riyals. The Saudi Arabian Riyal (SAA) was equal in weight to Maria Theresa Thalers until 1936 and the Saudi Sovereign Riyal (SAS) was equal in weight to Indian Rupees after 1936. British gold Sovereigns and the Silver Riyal fluctuated in value against each other. The Sovereign was equal to 11 Ghirish in 1928, 110 Ghirsh in 1931 and 440 Ghirsh in 1952.
The Saudi Riyal (SAR) monetary system was reformed on October 22, 1952, creating a single currency originally backed by Saudi gold Guineas equivalent to the British gold Sovereign. Specie money continued to be the basis of the Saudi monetary system until December 31, 1959 when the rising price of silver forced the Saudi government to devalue the Riyal and introduce a new monetary system based on fiat money issued by the Saudi Arabian Monetary Agency. The Riyal is divisible into 20 Ghirsh or 100 Halala.
Historical data source: Global Financial Data
Related Information:
» Saudi Arabian Monetary Agency »
The official currency of Saudi Arabia (Saudi Riyal) is pegged to the US dollar at approximately 3.75 SAR per dollar.
1 Riyal = 20 Ghirsh = 100 Halala
FX chart data provided by Saxo Bank
Currency history:The Hejazi Kingdom was established on June 10, 1916, and the Sultanate of Nejd and its Dependencies was established on August 22, 1921. Jebel Shammar was incorporated into Nejd on November 2, 1921, and Asir was incorporated into Hejaz on November 20, 1930. Hejaz and Nejd were united to create Saudi Arabia on September 22, 1932.
Silver Maria Theresa Thalers (XMTT) and British Gold Sovereigns (GBP) were used in the interior of Arabia before the establishment of Nejd and Hejaz with 1 Gold Sovereign (Pound) equal to 5 Maria Theresa Thalers. The Arabian National Bank of Hedjaz issued banknotes denominated in Pounds. Both Nejd and Hejaz minted local coins of lower denomination with 1 Riyal, equal to a Maria Theresa Thaler, divisible into 100 Piastres or 400 Para.
This situation created a bimetallic monetary system based upon British Gold Sovereigns and silver Riyals. The Saudi Arabian Riyal (SAA) was equal in weight to Maria Theresa Thalers until 1936 and the Saudi Sovereign Riyal (SAS) was equal in weight to Indian Rupees after 1936. British gold Sovereigns and the Silver Riyal fluctuated in value against each other. The Sovereign was equal to 11 Ghirish in 1928, 110 Ghirsh in 1931 and 440 Ghirsh in 1952.
The Saudi Riyal (SAR) monetary system was reformed on October 22, 1952, creating a single currency originally backed by Saudi gold Guineas equivalent to the British gold Sovereign. Specie money continued to be the basis of the Saudi monetary system until December 31, 1959 when the rising price of silver forced the Saudi government to devalue the Riyal and introduce a new monetary system based on fiat money issued by the Saudi Arabian Monetary Agency. The Riyal is divisible into 20 Ghirsh or 100 Halala.
Historical data source: Global Financial Data
Related Information:
» Saudi Arabian Monetary Agency »
Disclaimer
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Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of AME Info FZ LLC.
© Saxo Bank. All rights reserved.
The currency data in this section is provided by Saxo Bank. The material is provided for information only and no information contained herein constitutes a solicitation for the purpose of purchase or sale of any commodity, security or investment, nor should it serve as the basis for any investment decision.
Saxo Bank or AME Info does not guarantee the accuracy or completeness of any information or analysis supplied. Saxo Bank or AME Info shall not be liable to any customer or third person for the accuracy of the information or any market quotations supplied through this service to a customer, nor for any delays, inaccuracies, errors, interruptions or omissions in the furnishing thereof, for any direct or consequential damages arising from or occasioned by said delays, inaccuracies, errors, interruptions or omissions, or for any discontinuance of the service.
Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of AME Info FZ LLC.
© Saxo Bank. All rights reserved.
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