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Riyal |
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Riyal 1. The currency of Qatar. Since 1980, the riyal has been pegged to the U.S. dollar at a rate of 1 USD to 3.64 QAR. This exchange rate is important especially to energy deals as Qatar is rich in natural gas and, to a slightly lesser extent, oil. 2. The currency of Saudi Arabia. It became the official currency of the Kingdom at its establishment in 1932; it is the successor currency of 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. Want to thank TFD for its existence? Tell a friend about us, add a link to this page, add the site to iGoogle, or visit the webmaster's page for free fun content. |
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