Fixed Exchange Rate
In June 1986, the riyal was officially pegged to the IMF's special drawing rights (SDRs). In practice, it is fixed at 1 U.S. dollar = 3.75 riyals, which translates to approximately 1 riyal = 0.266667 dollar. This rate was made official on January 1, 2003.
The riyal briefly rose to a 20-year high after the US Federal Reserve cut interest rates on September 18, 2007 and the SAMA chose not to follow suit, partially due to concerns about the inflationary effects low interest rates and a lower value for the riyal. The riyal returned to its peg against the U.S. dollar in early December of 2007.
| Current SAR exchange rates | |
|---|---|
| From Google Finance: | AUD CAD CHF EUR GBP HKD JPY USD INR CNY |
| From Yahoo! Finance: | AUD CAD CHF EUR GBP HKD JPY USD INR CNY |
| From XE.com: | AUD CAD CHF EUR GBP HKD JPY USD INR CNY |
| From OANDA.com: | AUD CAD CHF EUR GBP HKD JPY USD INR CNY |
| From fxtop.com: | AUD CAD CHF EUR GBP HKD JPY USD INR CNY |
Read more about this topic: Saudi Riyal
Famous quotes containing the words fixed, exchange and/or rate:
“I, who travel most often for my pleasure, do not direct myself so badly. If it looks ugly on the right, I take the left; if I find myself unfit to ride my horse, I stop.... Have I left something unseen behind me? I go back; it is still on my road. I trace no fixed line, either straight or crooked.”
—Michel de Montaigne (1533–1592)
“... the subjective viewpoint is the only one to use regarding a library. Your true library is a collection of the books you want. You may have deplorably poor taste or bad judgment. Never mind. Correct those traits before you exchange your books.”
—Carolyn Wells (1862–1942)
“As a novelist, I cannot occupy myself with “characters,” or at any rate central ones, who lack panache, in one or another sense, who would be incapable of a major action or a major passion, or who have not a touch of the ambiguity, the ultimate unaccountability, the enlarging mistiness of persons “in history.” History, as more austerely I now know it, is not romantic. But I am.”
—Elizabeth Bowen (1899–1973)