The Saudi Riyal Online, abbreviated as SAR and represented by the symbol ر.س or SR, is the official currency of Saudi Arabia. It is also used in neighboring countries like Bahrain, where it is also known as the Bahraini Dinar (BHD) alongside the Bahraini Dinar.
Key Information about the Saudi Riyal:
- Denominations: The Saudi Riyal Online is subdivided into 100 smaller units called Halalas. Coins are issued in various denominations, including 1, 5, 10, 25, 50, and 100 Halalas. Banknotes are issued in denominations of 1, 5, 10, 20, 50, 100, and 500 Riyals.
- Central Bank: The Saudi Arabian Monetary Authority (SAMA) is the central bank responsible for issuing and regulating the Saudi Riyal.
- Currency Code: The ISO 4217 currency code for the Saudi Riyal is SAR.
- Historical Context: The Riyal has been the official currency of Saudi Arabia since the country was founded in 1932 by Abdulaziz Ibn Saud. Before the unification of Saudi Arabia, various regions had their own currencies and trade coins.
- Pegged Exchange Rate: The Saudi Riyal has been pegged to the United States Dollar (USD) at a fixed exchange rate of 1 USD = 3.75 SAR since 1986. This peg is maintained by SAMA and has provided exchange rate stability for decades.
- International Use: While the Saudi Riyal is primarily used in Saudi Arabia and Bahrain, it is not a widely accepted currency in most other parts of the world. Travelers visiting Saudi Arabia often exchange their currency for Riyals upon arrival.
- Currency Symbol: The currency symbol ر.س or SR is commonly used to represent the Saudi Riyal.
- Banknotes: Saudi Riyal Online banknotes feature various designs and depict important landmarks, historical figures, and cultural elements of Saudi Arabia.
- Coins: Halala coins come in different sizes and are usually made of non-precious metals. They are used for smaller transactions.
- Foreign Exchange: The exchange rate between the Saudi Riyal and other currencies can fluctuate, but it generally remains close to the pegged rate of 1 USD = 3.75 SAR. Travelers and businesses may use banks or currency exchange services to buy or sell Riyals.
In summary, the Saudi Riyal is the official currency of Saudi Arabia and is used in financial transactions within the country. Its stable exchange rate with the U.S. Dollar and its various denominations make it a practical and reliable currency for both locals and international visitors in Saudi Arabia.