Saudi arabia currency

Economy • Saudi Arabia’s economy is highly dependent on oil, with 42 percent of GDP and 90 percent of exports coming from the oil industry. It is estimated that Saudi Arabia controls roughly 25 percent of the world’s total oil reserves. • The current Saudi government is attempting to reduce its dependence on oil and stimulate growth in other industries by allowing the private sector and foreign investors to participate in industries such as telecom and power generation. • The Saudi stock exchange, also known as Tadawul, is the largest stock market in the Middle East and North Africa. • Saudi Arabia is one of the fastest-growing countries globally and one of the world’s top 20 economies. History • The first Saudi riyal coins under Saudi Arabia were issued in 1935. • The first banknotes, in the form of Haj Pilgrim Receipts, were introduced in 1953 by the Saudi Arabian Monetary Authority (SAMA). Haj Pilgrim Receipts were intended to be used in pilgrim foreign exchange transactions but eventually became widely used for larger transactions. • In 1961, the SAMA replaced Haj Pilgrim Receipts with regular banknotes. Haj Pilgrim Receipts were officially phased out in 1964. • In 1963, the ghirsh was replaced by a new subdivision, the halala, with 1 halala = one-hundredth of the Saudi riyal. • In 2003, the Saudi riyal was officially pegged to the US dollar at the exchange rate of 1 USD = 3.75 SAR Saudi riyal (SAR) profile Symbols ر.س (Arabic) Nicknames None ISO 4217 code SAR Central ...

The U.S. dollar is the currency most used to purchase oil. Because oil has such a high level of demand, some oil-exporting countries could build up so many dollars they cannot spend them all. These dollars were historically called petrodollars. The term petrodollar now refers to U.S. dollars used by any country to purchase oil from an oil-exporting country. What Is the Petrodollar? The U.S. dollar is the standard currency used to pay for oil globally, prompted by an agreement between the U.S. and Saudi Arabia in 1945. This agreement led to other oil-exporting countries accepting the dollar as payment for oil, and the relationship between the dollar and oil began. Some countries exported so much oil and accumulated such large amounts of U.S. dollars that they couldn't spend them all. If the country accepting U.S. dollars as payment can't spend them all, they are effectually removed from circulation. The dollars these countries could not spend came to be known as petrodollars. On February 14, 1945, President Franklin D. Roosevelt initiated the alliance with Saudi Arabia. He met with Saudi King Abd al-Aziz. The United States built an airfield at Dhahran in return for military and business training. This alliance was so critical that it survived subsequent years of differences of opinion over the Arab-Israeli conflict. As a result, the dollar's value plummeted, which helped the U.S. economy as its export values also decreased, making them more competitive. A falling dollar hur...

Majors Price Day Year Date EURUSD 1.0948 0.0117 1.08% 3.80% Jun/15 GBPUSD 1.2785 0.0124 0.98% 3.51% Jun/15 AUDUSD 0.6883 0.0090 1.32% -2.29% Jun/15 NZDUSD 0.6230 0.0026 0.42% -2.07% Jun/15 USDJPY 140.2050 0.1150 0.08% 6.06% Jun/15 USDCNY 7.1196 -0.0555 -0.77% 6.52% Jun/15 USDCHF 0.8918 -0.0092 -1.02% -7.74% Jun/15 USDCAD 1.3222 -0.0100 -0.75% 2.11% Jun/15 USDMXN 17.1050 0.0030 0.02% -16.15% Jun/15 USDINR 81.9080 -0.0500 -0.06% 5.08% Jun/15 USDBRL 4.8102 -0.0044 -0.09% -4.81% Jun/15 USDRUB 83.4705 -0.5250 -0.63% 52.11% Jun/15 USDKRW 1,270.0000 -4.0100 -0.31% -1.42% Jun/15 USDTRY 23.6466 0.0983 0.42% 36.69% Jun/15 DXY 102.1189 -0.8291 -0.81% -1.46% Jun/15 USDSEK 10.5974 -0.1199 -1.12% 4.68% Jun/15 USDPLN 4.0603 -0.0465 -1.13% -9.24% Jun/15 USDNOK 10.4877 -0.1597 -1.50% 5.62% Jun/15 USDZAR 18.2399 -0.1123 -0.61% 14.11% Jun/15 USDDKK 6.8070 -0.0711 -1.03% -3.44% Jun/15 USDSGD 1.3364 -0.0045 -0.34% -3.38% Jun/15 USDILS 3.5574 -0.0291 -0.81% 2.94% Jun/15 USDHKD 7.8214 -0.0098 -0.13% -0.36% Jun/15 USDCLP 793.1300 -8.1700 -1.02% -8.45% Jun/15 USDPKR 287.0000 0.2500 0.09% 37.82% Jun/15 USDCZK 21.7110 -0.2210 -1.01% -7.27% Jun/15 USDHUF 340.9000 -1.6500 -0.48% -9.70% Jun/15 Crosses Price Day Year Date USDSAR 3.7504 0.0029 0.08% -0.04% Jun/15 EURSAR 4.0582 -0.0007 -0.02% 2.55% Jun/15 GBPSAR 4.7422 -0.0025 -0.05% 2.33% Jun/15 AUDSAR 2.5542 0.0086 0.34% -2.77% Jun/15 NZDSAR 2.3362 0.0113 0.49% -2.13% Jun/15 SARJPY 37.4083 0.0260 0.07% 6.17% Jun/15 SARCNY 1.8982 -0.0165 -0.86% 6.82% Jun...

Exchange Rates in Saudi Arabia Get the currency transfer rates of all currencies from all exchanges in Saudi Arabia at a single place and compare to choose the best rate. If you want to know accurate exchange rates in Saudi Arabia, you can depend on Arab Local. Our information sources are strong and reliable. We believe in giving accurate information about exchange rates and many other aspects about local businesses in Saudi Arabia. No matter whether you want to know SAR to INR, SAR to PHP, SAR to PKR, exchange rate or other currency rates, our exchange rates table will help you arrive at the best decision. We keep on updating our site to provide up to date information for our customers. You can rely on Arab Local to know about Saudi exchange rate. You can easily access all required information about Exchange Rates in Saudi Arabia through our website Disclaimer - Live Exchange Rates may differ from Last Updated, Please confirm the exact rate with Currency Exchange Provider before doing a Transaction. “Arab Local is not responsible for any rate changes” Currency INR PHP BDT PKR LKR NPR IDR Updated Alamoudi Exchange --- --- --- --- --- --- --- Jan 25, 10:05 AM ANB Tele Money 21.69 14.87 28.62 75.09 75.93 34.78 3906.25 Jun 07, 12:42 PM Enjaz 21.69 14.74 --- --- --- --- 3831.42 Jun 07, 12:42 PM STC Pay 21.59 14.51 28.50 75.42 76.41 34.93 3901.74 Jun 07, 12:42 PM Fawri 21.70 14.90 28.85 74.88 76.34 34.82 3878.97 Jun 07, 12:42 PM Money Gram 21.50 14.76 28.39 74.50 76.53 34.66 38...