|
Date
|
Changes
to the exchange rate regime
|
Saudi Arabian Riyal per U.S. Dollar
|
| 8 January 1960 | The Riyal was devaluated 16.7% in terms of gold, thus changing the Official Rate from SRls3.75 to SRls4.50 per U.S. Dollar.
A currency reform unified the exchange rate structure, as paper Riyals replaced "pilgrim" (traveller) receipts and gold coins ceased to be legal tender. (WCY 1984, p.654) | |
| 23 August 1971 | Following the floating of the U.S. Dollar on 15 August 1971, Jeddah announced that the Official Rate of the Riyal would remain unchanged, thus effecting a devaluation of the Riyal. (WCY 1984, p.654) | |
| 21 December 1971 | The Riyal's Official Rate was realigned to SRls4.14475 per U.S. Dollar, based on the unchanged gold content of the Saudi currency. (WCY 1984, p.654) | |
| 19 February 1973 | After the devaluation of U.S. Dollar, the gold content of the Riyal remained unchange, thus realigning the Official Rate to SRls3.73 per U.S. Dollar. (WCY 1984, p.654) | |
| 10 August 1973 | The Riyal was upvalued 5.078% in terms of gold, establishing a new Official Rate of SRls3.55 per U.S. Dollar. (WCY 1984, p.654) | |
| 12 January 1975 | The ban on settlements with Portugal was lifted. (IMF 1976, p.387) | |
| 14 March 1975 | An Effective Rate was established, as the Riyal's ties to the U.S. Dollar were severed and the unit linked to the SDR at an exchange value of SRls4.28255 per SDR, thereby placing the currency on a controlled, floating basis. (WCY 1984, p.654) | |
| 15 March 1975 | Exchange rate for the Saudi Arabia Riyal were maintained on the basis of existing parity in terms of the SDR. Saudi Arabia continued to avail itself of wider margins of 2.25%. As a result of change, the currency was appreciated in terms of the U.S. Dollar. (IMF 1976, p.387) | |
| 9 September 1975 | A 7.25% fluctuation margin was adopted for the Riyal's Effective Rate. (WCY 1984, p.654)
While continuing to maintain exchange rates for the Riyal on the basis of SRls4.28255 per SDR 1, the monetary authorities permitted rates within margin somewhat wider than 2.25% but not exceeding 7.25%. (IMF 1976, p.387) | |
| 31 December 1975 | | 3.530 |
| 31 December 1976 | | 3.530 |
| 1977 | The Effective Rate for the Riyal was periodically adjusted. (WCY 1984, p.654)
The middle rate of the Saudi Arabian Riyal for the U.S. Dollar, the intervention currency, quoted by the Saudi Arabian Monetary Agency was determined on the basis of the Fund's daily calculation of the U.S. Dollar - SDR rate. (IMF 1979, p.348) | |
| 31 July 1977 | The middle rate of the Riyal against the U.S. Dollar was adjusted from SRls3.53 per US$1 to SRls3.525 per US$1. (IMF 1978, p.349) | 3.525 |
| 23 October 1977 | The middle rate of the Riyal against the U.S. Dollar was adjusted to SRls3.515 per US$1. (IMF 1978, p.349) | 3.515 |
| 28 November 1977 | The middle rate of the Riyal against the U.S. Dollar was adjusted to SRls3.505 per US$1. (IMF 1978, p.349) | 3.505 |
| 15 December 1977 | The middle rate of the Riyal against the U.S. Dollar was adjusted to SRls3.495 per US$1. (IMF 1978, p.349) | 3.495 |
| 31 December 1977 | | 3.495 |
| 3 January 1978 | During the three-month period ended April 5, the middle rate of the Riyal against the U.S. Dollar was adjusted on 4 occasions; cumulatively the rate moved from SRls3.485 per US$1 to SRls3.445 per US$1. (IMF 1979, p.348) | 3.485 |
| 7 July 1978 | During the period July 12 - October 30, the middle rate of the Riyal against the U.S. Dollar was adjusted on 11 occasions; cumulatively the rate moved from SRls3.445 per US$1 to SRls3.245 per US$1. (IMF 1979, p.348) | 3.245 |
| 5 November 1978 | During the period November 5 - 21, the middle rate of the Riyal against the U.S. Dollar was adjusted on 3 occasions; cumulatively the rate moved from SRls3.245 per US$1 to SRls3.365 per US$1. (IMF 1979, p.348) | 3.365 |
| 12 December 1978 | During the period December 12 - 31, the middle rate of the Riyal against the U.S. Dollar was adjusted on 4 occasions; cumulatively the rate moved from SRls3.365 per US$1 to SRls3.295 per US$1. (IMF 1979, p.348) | 3.295 |
| 31 December 1978 | | 3.295 |
| December 1979 | During the year, the middle rate of the Saudi Arabian Riyal against the U.S. Dollar was adjusted on 15 occasions; cumulatively the rate moved from SRls3.295 per US$1 to SRls3.365 per US$1. (IMF 1980, p.340) | 3.365 |
| 31 December 1979 | | 3.365 |
| 31 December 1980 | During the year, the middle rate of the Saudi Arabian Riyal against the U.S. Dollar was adjusted 5 times; cumulatively the rate moved from SRls3.365 per US$1 to SRls3.325 per US$1. (IMF 1981, p.340) | 3.325 |
| May 1981 | SAMA formally suspended the SDR link and has since maintained a de facto link to the U.S. Dollar. (Muhammad, p.205) | |
| 22 July 1981 | The 7.25% fluctuation limit was put in suspension. (WCY 1984, p.654)
The intervention currency was the U.S. Dollar and its rates against the Riyal were determined by the Saudi Arabian Monetary Agency. The banks were allowed to charge 0.25% above and below the Monetary Agency's buying and selling rates, SRls3.74/3.75, respectively. (WCY 1990/93, p.835) | |
| 31 December 1981 | During the year, the middle rate of the Saudi Arabian Riyal against the U.S. Dollar was adjusted 9 times; cumulatively the rate moved from SRls3.325 per US$1 to SRls3.415 per US$1. (IMF 1982, p.340) | 3.415 |
| 31 December 1982 | | 3.435 |
| 31 December 1983 | The middle rate of the Saudi Arabian Riyal for the U.S. Dollar was adjusted on several occasions during 1983, involving a change from SRls3.435 per US$1 to SRls3.495 per US$1, representing a cumulative depreciation of 1.72%. (IMF 1984, p.416) | 3.495 |
| 31 December 1984 | | 3.575 |
| February 1985 | In terms of the middle rate, and following a change in the rate in February from SRls3.575 per US$1 to SRls3.595 per US$1, the Saudi Arabian Riyal was devalued against the U.S. Dollar in March and June by 0.3% and 1.1%, respectively. | 3.595 |
| 31 December 1985 | | 3.645 |
| 1 June 1986 | Since 1 June 1986, the Monetary Agency's middle rate for the U.S. Dollar had been SRls3.745 per US$1. (IMF 1991, p.430) | 3.745 |
| 31 December 1986 | | 3.745 |
| 31 December 1987 | | 3.745 |
| 31 December 1988 | | 3.745 |
| 31 December 1989 | | 3.745 |
| 31 December 1990 | | 3.745 |
| 31 December 1991 | | 3.745 |
| 31 December 1992 | | 3.745 |
| 1993 | The banks were allowed to charge up to 0.125% above and below the Monetary Agency's buying and selling rates. (IMF 1993, p.440) | |
| 31 December 1993 | | 3.745 |
| 31 December 1994 | | 3.745 |
