Overview

​​​​​​​​Overview

The history of currency in Saudi Arabia reflects the journey of unification and economic organization led by the Founding King, Abdulaziz bin Abdulrahman Al Saud. At that time, the country relied on a variety of foreign currencies. The Founding King then took gradual steps to establish a unified national monetary system. This system became a symbol of sovereignty and a tool for monetary and financial stability. 

This path progressed from the use and stamping of foreign currencies to the issuance of the first Saudi coins. This was followed by the introduction of regulatory frameworks governing the use of currency. It culminated in the establishment of the Saudi Arabian Monetary Authority (now the Saudi Central Bank). This marked the true starting point of the modern monetary system.​

Historical Milestones in the Currency's Journey

Before the unified Saudi currency

(before 1319 AH/ 1902 AD)

Foreign currencies were diverse and varied in value in local markets.

  • The French riyal (Maria Theresa thaler), the British pound, and the Indian rupee were in circulation.
  • Ottoman currencies (the Majidi riyal and paras), as well as Egyptian and other coins, were also widespread.
Before the unified Saudi currency
The First Step Toward Unifying the Monetary System

(1340-1344 AH / 1922-1926 AD)

Initial steps to unify monetary transactions and issue the first Saudi currency.

  • 1340 AH / 1922 CE The coins were stamped with the word "Najd".
  • 1343 AH / 1925 CE The first Saudi coins (half a qirsh and a quarter qirsh) were minted in Makkah.
  • 1344 AH / 1926 CE Issuance of copper-nickel coins in qirsh and fractional qirsh denominations.
Before the unified Saudi currency
Unification of Currency

1346-1348 AH / 1928-1930 CE

Introduction of the Saudi riyal and organization of monetary transactions under clear regulations.

  • 1346 AH / 1928 CE Minting of the first Saudi silver riyal and its fractions, as well as the copper-nickel qirsh and its fractions, in the name of the King of Hejaz, Najd, and other Dependencies.
  • 1346 AH/1928 CE Issuance of the “Hejazi–Najdi Currency Law” and the demonetization of foreign currencies.
  • 1348 AH/1930 CE Re-minting of the riyal and its fractions, and updating the qirsh coins.
Before the unified Saudi currency
After the Unification of the Kingdom of Saudi Arabia

1351-1370 H/1932-1951

The name “Kingdom of Saudi Arabia” appeared on the currency after unification, with continued expansion in issuance.

  • 1354 H/1935 Issuance of the first Saudi silver riyal and its fractions in the name of the Kingdom of Saudi Arabia.
  • 1356 H/1937 Minting of the qirsh and its fractions under the new name.
  • 1365 H/1946 Stamping the qirsh coins with the number (65) to break their monopoly.
  • 1367 H/1948 Minting a new silver riyal.
  • 1370 H/1951 Minting the first Saudi gold pound.
Before the unified Saudi currency
Issuance of Banknotes

1371-1375 H/1952-1956

The issuance of the first banknotes through pilgrims’ receipts after the establishment of the Saudi Central Bank.

  • 1372 H/1953 Introduction of the Saudi gold pound and determination of its exchange rate.
  • 1372 H/1953 Issuance of the first pilgrims’ receipts (ten riyals).
  • 1373 H/1954 Issuance of the five riyal banknote and reprinting of the ten riyal banknote with a new design.
  • 1375 H/1956 Issuance of the one riyal banknote.
Before the unified Saudi currency
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