Editing Saudi riyal (section)

==History==
{{see also|British currency in the Middle East}}
The riyal has been the currency of Saudi Arabia since the country came into being and was the currency of [[Hejaz]] before Saudi Arabia was created, one of the primary currencies in the Mediterranean region during the [[Ottoman Arabia|Ottoman era]]. The [[Hejaz riyal]] was based on but not equivalent to the Ottoman 20 [[Ottoman lira|kuruş]] coin and was consequently divided into 20 qirsh. However, although the Hejaz riyal was the same weight as the Ottoman 20 kuruş, it was minted in .917 [[fineness]], compared to .830 fineness for the Ottoman coin. Thus, because the first Saudi riyal had the same specifications as the Hejaz riyal and circulated alongside Ottoman coins, it came to be worth 22 Ottoman kuruş and was consequently subdivided into 22 ghirsh when coins denominated in qirsh were issued from 1925. The system remained even though the riyal was subsequently debased to a coin equivalent, in silver content, to the [[Indian rupee]] in 1935.

In 1960, the system was changed to 20 qirsh to a riyal, which was followed in 1963 by the introduction of the ''halala'', one hundredth of a riyal. Some Saudi coins still bear denominations in qirsh, but it is no longer commonly used.

=== Currency symbol ===
[[File:التصميم الهندسي لرمز الريال السعودي - Saudi Riyal Symbol Design.svg|thumb|The design of the Saudi riyal symbol based on official standards.]]
On February 20, 2025, the [[Saudi Central Bank]] announced the approval of the Saudi riyal symbol by the [[Salman of Saudi Arabia|King Salman bin Abdulaziz Al Saud]]. The symbol was designed by a committee composed of relevant official entities, including the Saudi Central Bank, the [[Ministry of Culture (Saudi Arabia)|Ministry of Culture]], the [[Ministry of Media (Saudi Arabia)|Ministry of Media]], and the [[Saudi Standards, Metrology and Quality Organization]].<ref>{{Cite web |title=Custodian of the Two Holy Mosques Approves Saudi Riyal Symbol |url=https://www.spa.gov.sa/en/N2266531 |access-date=2025-02-22 |website=spa.gov.sa |language=en}}</ref> 

Regarding the symbol''',''' The Saudi Central Bank clarified that the design of the Saudi riyal symbol was inspired by Arabic calligraphy and consists solely of the Arabic letters of the word "Riyal," without any additional elements.<ref>{{Cite web |title=FAQs |url=https://www.sama.gov.sa/en-us/currency/srs/pages/faqs.aspx |access-date=2025-02-22 |website=www.sama.gov.sa}}</ref> Additionally, the Saudi Central Bank has published the precise standards and proportions for designing the riyal symbol and guidelines for its usage.<ref>{{Cite web |title=Saudi riyal symbol Guidelines |url=https://www.sama.gov.sa/en-US/Currency/SRS/Pages/Guidelines.aspx |access-date=2025-02-22 |website=www.sama.gov.sa}}</ref> The symbol is scheduled for inclusion in [[Unicode]] Version 17.0.<ref>{{cite web |title=Proposed New Characters: The Pipeline | publisher=Unicode Consortiu |date=2025-04-28 |access-date=24 May 2025 |url=https://unicode.org/alloc/Pipeline.html }}</ref>

===Historical exchange rates===
{| class="wikitable"
|+ Historical exchange rate arrangements of Saudi Arabian currency since 1936
! Date period !! Arrangement !! Remarks
|-
| 1936 – 1948 || 1 SAR = 10.6918&nbsp;g silver<br>20 SAR = 7.32238&nbsp;g gold || 
|-
| 1948 – September 1948 || 1 SAR = 10.6918&nbsp;g silver<br>65 SAR = 7.32238&nbsp;g gold || 
|-
| 1948 – 1951 || 1 SAR = 10.6918&nbsp;g silver || The gold [[Sovereign (British coin)|sovereign]] coin was made legal tender in Saudi Arabia with an initial value of 62 riyals.
|-
| 1951 – 21 October 1952 || Informal fixed exchange rate ({{sfrac|3|15|22}} SAR = 1 USD) || Government begins stabilisation of exchange rate in relation to the U.S. dollar. Saudi Arabia adopted the gold standard. Implied exchange rate with the British sovereign coin was 40 riyals.
|-
| 22 October 1952 – 1 November 1954 || Fixed exchange rate ({{sfrac|3|15|22}} SAR = 1 USD) || Establishment of [[Saudi Central Bank|SAMA]] makes the fixed exchange rate official.
|-
| 2 November 1954 – 1958 || Fixed exchange rate (3.75 SAR = 1 USD) || Slight devaluation as announced by the finance minister.
|-
| 1958 – 22 January 1959<br>7 February 1959 – 7 January 1960 || Dual exchange rate || A free market currency exchange was established. Official exchange rate was 3.75 riyals per U.S. dollar. A royal decree on 23 January 1959 briefly abolished the free market currency exchange.
|-
| 8 January 1960 – 14 March 1975 || Fixed exchange rate with USD || On 23 August 1971, the riyal was devalued by a sixth so that 4.50 SAR = 1 USD. Saudi Arabia did not follow the devaluation of the USD against gold, causing the exchange rate with respect to the USD to become 4.14475 riyals in December 1971 and 3.73027 riyals in February 1973. Following the [[1970s energy crisis]], the riyal was revalued to 3.55001 riyals per US dollar in August 1973.
|-
| From 15 March 1975 || Anchor to [[special drawing rights]] || The currency was anchored to the IMF's special drawing rights at an initial exchange rate of 4.28255 riyals per SDR and was allowed to fluctuate within a band from September 1975 to July 1981. In practice, since 1986, the currency has been pegged to the US dollar at a rate of 3.745 (now 3.75) riyals per US dollar.
|}