Riyal is the official currency of Saudi Arabia and is represented as SR (Saudi Riyal). The riyal has been the legal tender of Saudi Arabia since the country came in to being and was the currency of Hejaz before the creation of Saudi Arabia.
In 1953, the Saudi Arabian Monetary Agency (SAMA) began issuing Haj Pilgrim Receipts for those that were conducting their pilgrimage to Mecca and these closely resembled banknotes that circulate today. The majority of banknotes that are used in present day, bear the face of King Abdullah except the 500 riyal, which features the late King Abdulaziz Al Saud.
The Saudi Riyal has undergone several transitions in valuation and in June 1986, the riyal was officially pegged to the IMF's (International Monetary Funds) SDRs (Special Drawing Rights). On January 1, 2003 the Riyal valuation was fixed at, 1 U.S. dollar = 3.75 riyals, which translates to approximately 1 riyal = 0.266667 dollar.
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