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.
References in periodicals archive ?
"Third Issue: Banknotes issued in 1976 under the supervision of the Central Bank of Oman (from 100 Baisa to 50 Riyals)."
Butanol Project: SAR 74,840,000 (seventy-four million and eight hundred forty thousand Saudi Riyal);
"We expect general spending to be 7.18 billion riyals," Makki said.
SAIB said net operating income fell 41% to 361 million riyals after net lending income slid 25% to 263 million riyals.
Around 500 million riyals will be drawn down from reserves while the remaining 2.5 billion riyals will come from domestic and external borrowing.
The riyal's purchasing power during 2000-2013 reduced by 35.3 percent and this means a Saudi riyal in 2000 now values 65 halalas, reducing its power to purchase goods and services.
It attributed a 19 percent decrease in net income for the 12-month period to 7.7 billion riyals "to foreign currency exchange fluctuation losses amounting to approximately 1.1 billion riyals".
With regard to the expenses of civil ministries, government units and public authorities for the fiscal year 2014, spending rose to 4.7 billion riyals, up from an estimated 4.4 billion riyals.
The report pointed out that the value of GDP for public sector at current prices has reached 310.6 billion riyals last year, showing a positive growth of 15.67 per cent, while the private sector's GDP at current prices grew by 5.28 per cent to reach 477.8 billion riyals.
Total outstanding credit rose 9.9 per cent to 10.5 billion riyals in September over the same period last year, and accounted for 67.3 per cent of total assets.
Revenues from natural gas grew by 17.4 per cent to 682.60 million riyals while customs duty and corporate income tax contributed 88.50 million riyals and 352.30 million riyals respectively during the same period.
In a statement today, the advisor and spokesman for Saudi Customs, Esa Al-Esa said that in 2014, the total customs revenues amounted to 27.9 billion riyals, of which 24.5 billion riyals were actual revenues and 3.4 billion riyals compared to what the state bore in favor of the customs.