Saudi Arabia Currency Code: A Comprehensive Guide

The official currency of Saudi Arabia is the Saudi Riyal, abbreviated as SAR. It's widely accepted and used throughout the country.

The Saudi Riyal is divided into 100 halalas, although halalas are no longer in circulation. This change occurred in 2007.

You can exchange your currency for SAR at banks, currency exchange offices, or even some hotels in major cities. It's always a good idea to exchange a small amount of money first to get familiar with the local currency.

The Saudi riyal has a rich history dating back to the country's creation in 1932. It was initially based on the Hejaz riyal, which was divided into 20 qirsh. The first Saudi riyal was minted in .917 fineness, compared to .830 fineness for the Ottoman coin.

In 1935, the riyal was debased to a coin equivalent in silver content to the Indian rupee. This change had a significant impact on the currency's value. The system of 22 qirsh to a riyal remained in place until 1960, when it was changed to 20 qirsh to a riyal.

The Saudi riyal was pegged to the US dollar at a rate of 3.75 riyals per US dollar in 1986. This rate was formally implemented on January 1, 2003. The riyal has remained pegged to the dollar ever since.

Here's a brief overview of the Saudi riyal's exchange rate history:

The Saudi riyal has undergone several corrections throughout its history, with notable changes in 1960 and 1963. In 1963, the decimalization of the currency was introduced, and a new subunit called the halala was introduced, dividing the riyal into 100 equal parts.

The Saudi riyal is the official currency of Saudi Arabia, often abbreviated as ر.س (SAR) or SR, and it's subdivided into 100 halalas.

The Saudi riyal is pegged to the US dollar at a fixed exchange rate, which means its value is directly tied to the US dollar.

Before the 20th century, various foreign currencies like Maria Theresa Thalers and British Gold Sovereigns were in circulation in Arabia, with an exchange rate of 1 Gold Sovereign equating to 5 Theresa Thalers.

The Saudi Arabian currency, the riyal, has a rich history and a complex exchange rate system. The riyal was initially pegged to the value of silver and gold in 1936, with 1 SAR equal to 10.6918 grams of silver and 20 SAR equal to 7.32238 grams of gold.

In 1951, the government began stabilizing the exchange rate in relation to the U.S. dollar, adopting the gold standard. This led to an informal fixed exchange rate of 3+15/22 SAR = 1 USD.

The Saudi riyal is currently pegged to the U.S. dollar at a rate of 1 USD = 3.75 SAR, which translates to approximately 1 riyal = 0.266667 dollar. This rate was made official on January 1, 2003.

The riyal has experienced fluctuations in value over the years, including a brief surge to a 20-year high after the US Federal Reserve cut interest rates in 2007. The riyal returned to its peg against the U.S. dollar in early December 2007.

Here's a breakdown of the Saudi riyal's exchange rates with other major currencies:

The Saudi riyal is divided into 100 equal parts called halalas, with coins and notes frequently used in everyday transactions.

The Saudi riyal (SAR) is the official currency of Saudi Arabia and is subdivided into 100 halalas. It's pegged to the US dollar at a fixed exchange rate.

You can use the SAR in various transactions, including domestic and international payments. The SAR has a fixed exchange rate with the US dollar, which is 0.26641 USD per SAR.

To make international payments in SAR, you should consider the processing time, which can vary from a few business days to a few days. Domestic transfers within Saudi Arabia typically process quickly.

Banks and financial institutions may apply fees and charges for processing international payments in SAR. These fees can vary, so it's best to check with your bank to understand the charges associated with your transaction.

Here's a list of common SAR exchange rates with other currencies:

To ensure timely delivery of your payment, consider using the iBanFirst Payment Tracker to track your payments.

The Saudi Arabian currency system has undergone significant changes over the years. The Saudi Arabian Monetary Agency (SAMA) began issuing Hajj Pilgrim Receipts for 10 riyals in 1953.

These receipts were initially intended for use by pilgrims but became widely accepted in Saudi Arabia and largely replaced silver riyal coins in major financial transactions.

The Monetary Agency started issuing regular banknotes for 1, 5, 10, 50, and 100 riyals on June 15, 1961.

The first polymer banknote was introduced in 2020, featuring the 5 riyals note with more environmentally friendly materials and additional security features.

The 20 riyal note released in 2020 to commemorate the G20 attracted attention due to its depiction of the disputed territory of Jammu and Kashmir as a separate nation from India.

The special banknotes issued by Saudi Arabia include the 20 riyals and 200 riyals notes, with the 200 riyals note featuring King Abdulaziz al-Saud and the logo of Saudi Vision 2030.

Here is a list of some of the special banknotes issued by Saudi Arabia: