Saudi Arabian Riyal


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Saudi Arabian Riyal

The currency of Saudi Arabia. It became the official currency of the Kingdom at its establishment in 1932; it is the successor currency to the Hejaz riyal. Between 1986 and 2003, the riyal was pegged to Special Drawing Rights, but in practice, this was effectively a peg to the U.S. dollar. The peg was officially changed to the dollar in 2003 and has been in effect since (with the exception of a brief period in 2007). It is issued by the Saudi Arabian Monetary Agency.
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The Saudi Arabian Monetary Agency (central bank) and International Turnkey Systems (ITS) have signed a deal in which ITS will develop security systems to manage all information related to electronic payments, digital signatures and smart cards for the Saudi Arabian Riyal Interbank Express (SARIE) payment and settlement system.
The Saudi Arabian riyal and the UAE dirham have come under pressure from markets betting the central banks would allow them to appreciate as the dollar tumbled to record lows against a basket of six other currencies this month.
First there was the Indian Rupee, then the Saudi Arabian Riyal, which was used for less than a year.

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