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The ISO 4217 currency code for the Saudi Arabian Riyal.
Copyright © 2012, Campbell R. Harvey. All Rights Reserved.
ISO 4217 code for the Saudi Arabian riyal. 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 toward the end of 2007). It is issued by the Saudi Arabian Monetary Agency.
Farlex Financial Dictionary. © 2012 Farlex, Inc. All Rights Reserved