national currency of Saudi Arabia - Riyal (SAR) - the official monetary unit of the kingdom, located on the Arabian Peninsula.For a long time in this area did not have their currency, commonly have gold and silver in Europe.
Currency Saudi Arabia: bills and coins
our notation in the international currency market is considered SAR.
kingdom in circulation are banknotes in denominations of one to five hundred riyals.Less can be found in small coins 1 and 2 Kurush.
history of formation of monetary standard
The concept of "Rial" ("Riyal") was borrowed by the Arabs from Europe, translated it "royal".This designation is used by other Arab countries: Yemen, Iran and Qatar.The national currency of Saudi Arabia is not immediately brought before the citizens in the form in which it is currently in use.This was preceded by the formation of three phases:
- 30s of XX century. In 1928, the national currency was adopted by the sovereign, who at that time was equal to 10 RIALAM in relation to the modern monetary unit.
- 60s of XX century. In 1952, the sovereign remained the official currency, but its rate has increased significantly - up to 40 rials to one sovereigns.
- 70s of XX century. Since 1960, the currency has lost a sovereign position, and after the adoption of the law in everyday life there is a currency of Saudi Arabia - Riyal (SAR).This currency is still in effect.Regulator financial policy appears Monetary Agency.
At the end of spring 2007 Monetary Agency has introduced the fifth stage of reforming the monetary currency.This time released a new series of banknotes, which to this day is represented by the former king of Saudi Arabia, Sheikh Abdullah son of Abdul Aziz Saud, who died in late January 2015.His image is placed on all denominations except the banknotes in denominations of 500 riyals.On the front side of the banknote - the father of Sheikh, also a former King Saud Abdul Aziz.The image of the deceased was left as respect for the memory of the former ruler.
Throne of the King of Saudi Arabia is inherited.Therefore, with the advent of each new ruler of the image on the money changing.
banknotes issued into circulation before the reform, too, have the power, but gradually taken out of circulation.
exchange rates against the dollar, the ruble and the euro
Saudi Riyal - Russian ruble. Throughout 2015 Rial is quite stable in relation to the national currency of Russia.1 real yield of 13.5 rubles.
Saudi Riyal - the US dollar. active international foreign policy between the Al Saud and the United States involves a lively exchange of currency.Over $ 1 give 3.7 rial.
Saudi Riyal - the single currency of the European Union (Euro). Money euro currency, are widely used in Western countries, it is also in circulation in Saudi Arabia, and is 1 euro for 4.2 rial.
Heading into this country as a traveler, you should know what the currency in Saudi Arabia.When entering or leaving the tourist must be sure to submit a declaration on the availability of funds, if the amount exceeds sixty thousand riyals.This applies not only in a paper equivalent of assets in local or foreign currency, but expensive precious metals, precious stones, bonds, shares and so on.
Foreign currency can be exchanged at commercial banks, ATMs and specialized in private non-government organizations.Very popular is the ATMs, as they are mostly located near shopping centers.The legislation in this case does not limit the number of imported and exported cash.