The national currency of Saudi Arabia - rial (rial) - is the official monetary unit of the kingdom located on the Arabian Peninsula. For a long time, this territory did not have its own monetary unit; in everyday life there were gold and silver products of European countries.
Saudi Arabia Currency: Banknotes and Coins
Accepted designation in the international currency market is considered SAR.
In circulation of the kingdom are banknotes of one to five hundred rials. Less commonly, small coins of 1 and 2 kurush can be found.
The history of the formation of the monetary standard
The very concept of "rial" ("rial") was borrowed by Arabs from European countries, it is translated 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:
- 30s of the XX century. In 1928, the sovereign was adopted in national currency, which at that time was 10 rials in relation to the modern monetary unit.
- 60s of the XX century. In 1952, the sovereign remained the official currency, but its rate increased significantly - up to 40 riyals to one sovereign.
- 70s of the XX century. Since 1960, the currency of sovereigns has lost its position, and after the adoption of the law, the currency of Saudi Arabia - rial (rial) appears in everyday life. This currency is still valid. The regulator of financial policy is the Monetary Agency.
2007 Reform
In late spring 2007, the Monetary Agency introduced the fifth stage of monetary reform. 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 Abdul-Aziz from Saudi Arabia, who died at the end of January 2015. His image is placed on all bills except for banknotes with a face value of 500 rials. On the front side of this banknote is the sheikh's father, also the former king of Saudi Arabia, Abdul-Aziz. The image of the deceased was left as 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 the money changes.
Banknotes issued before the reform are also valid, but are gradually being phased out.
The exchange rate in relation to the dollar, ruble and euro
Saudi rial - Russian ruble. Throughout 2015, the rial is quite stable in relation to the national currency of Russia. For 1 real give 13.5 rubles.
Saudi riyal - american dollar. An active international foreign policy between Al-Saudi Arabia and the United States of America implies a lively currency exchange. For 1 dollar they give 3.7 riyals.
Saudi Rial 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 amounts to 1 euro for 4.2 riyals.
Tourist features
Going to this country as a traveler, you should know what currency is in Saudi Arabia. When entering or leaving a tourist, it is necessary to 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 to expensive precious metals, precious stones, bonds, stocks and so on.
Foreign currency can be exchanged at commercial banks, specialized ATMs and private non-governmental organizations. ATMs are very popular, since they are mostly located near shopping centers. The legislation in this case does not limit the amount of imported and exported funds.