The lowdown on the Saudi Arabian Riyal
Economical Influences and the Saudi Arabian Riyal
If you are considering converting AUD to SAR, it’s good to get a snapshot of how the economy may influence the Saudi Arabian riyal.
Saudi Arabia’s economy relies primarily on their oil reserves, and owns about 16% of the world’s known oil.1 In fact, the petroleum sector is responsible for about 87% of Saudi Arabia’s budget revenues, 42% of its GDP, and 90% of its export earnings.1
In a bid to diversify their economy, Saudi Arabia is encouraging private sector growth and the employment of more Saudi nationals.1
After experiencing a budget deficit around 8.3% of GDP in 2017, and lowered oil prices in recent times, further diversification may be necessary for the Saudi economy to prosper. 1
Saudi Arabian Riyal Historical Exchange Rate
Despite the fluctuation in oil prices over the past decade, Saudi Arabia’s riyal has retained a fairly stable rate during the past four years.1
At the beginning of April 2014 around 3.51567 SAR where converting to 1 Australian dollar. The riyal improved over the next 12 months to reach 2.85307 SAR to 1 AUD in April of 2015.2
By January of 2016, 1 AUD was converting to around 2.59204 SAR; this remained relatively stable throughout the following year, settling at 2.70096 SAR to 1 AUD in January 2017.2
2018 has followed much of the previous recent trajectory, opening the year with 1 AUD converting to 2.93701 SAR in January. As of 25 September, you would get 2.72678 riyal for 1 Australian dollar.2
Learn more about the Saudi Arabian riyal before you travel to Saudi Arabia and create a currency rate alert so we can notify you when it hits the rate you want.
Exchange rates last updated Friday, 03 May 2019 4:54:12 PM AEST. The online exchange rates provided by this Currency Converter are intended as a guide only and should not be used for transactional purposes. All rates are subject to change from time to time without notice. Exchange rates used in-store may differ from those offered online. The Travelex online buy rate will be used for conversions from a foreign currency to the local currency. The Travelex online sell rate will be used for conversions from the local currency to a foreign currency.
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1. Central Intelligence Agency - https://www.cia.gov/library/publications/the-world-factbook/geos/sa.html
2. XE- https://www.xe.com/currencycharts/?from=AUD&to=SAR&view=5Y. Based on mid-market rates as of 25 September 2018.
*The information contained in this article has been compiled by Travelex from different external sources. The figures provided are indicative only and are there to provide an idea of the amount of travel money you may need during your trip. Travelex does not ensure the accuracy and completeness of the information shown. Nothing in this article is to be considered financial advice. Travelex Limited does not accept any liability for any loss or damage derived from any reliance on the information in this article. Travelex Limited (ABN 36 004 179 953, AFSL Number 222444) arranges for and sells Online Foreign Currency via its Online Ordering Facility. You should consider the Online Foreign Currency Product Disclosure Statement and Terms and Conditions before deciding whether to acquire the product.