Job Discussion Forums

Griff-James · Posted: Fri Feb 01, 2008 5:50 pm Post subject: Currency fluctuations

How has the Saudi Arabia Riyal fared against Pounds Sterling over the last five years.

The exchange rate is currently �1 to about 7SR.

Is this historicaly a good rate? Confused

Cleopatra · Posted: Fri Feb 01, 2008 6:00 pm Post subject:

The Saudi rial is linked to the US dollar, and so exchange rates with sterling and other currencies mirror those of the US dollar. In other words, over the past few years the rial has been steadily losing value against almost all major currencies, and all indicators are that the situation is only likely to get worse in the foreseeable future.

Griff-James · Posted: Fri Feb 01, 2008 6:25 pm Post subject:

Thanks, Cleo.

scot47 · Joined: 10 Jan 2003 Posts: 15343

Having lived through thw slow death of the British Empire I have seen the dollar-pound rate fall from US$4.80 to the pouind down almost to par. With America's unexpected slide as Top Nation we have now seen a slight recovery to US2 to the pound sterling.

sliderama · Joined: 11 Nov 2007 Posts: 90 Location: al reef

I thought KSA had decoupled from the US Dollar but checking rates recently it appears not to have. any info on this?

johnslat · Posted: Sat Feb 23, 2008 8:02 pm Post subject: The Riyal thing

The rate looks about the same now as when I left in 2003, though there was a sharp downturn in December for some reason.

Here's a link to the graph:

http://finance.yahoo.com/currency/convert?amt=1&from=USD&to=SAR&submit=Convert

And, according to this Arab News article, it's still (as of Oct. 2007) to the dollar:

No Change in Riyal�s Peg to the US Dollar
P.K. Abdul Ghafour & Fahd Al-Baqami, Arab News

JEDDAH, 28 October 2007 � The Saudi riyal�s peg to the US dollar will remain unchanged as GCC countries yesterday unanimously agreed to the continuation of the present exchange rate policy, Hamad Al-Sayari, governor of the Saudi Arabian Monetary Agency (SAMA), announced.

http://www.arabnews.com/?page=6&section=0&article=102925&d=28&m=10&y=2007

Here's the latest info I could find:

"January 18, 2008 � In oil-rich Saudi Arabia the price of food is rising, and so is discontent. Ordinary residents of the monarchy are circulating text-messages urging a milk boycott. Inflation has some economists calling on Saudi Arabia to revalue its currency."

http://www.npr.org/templates/story/story.php?storyId=18212197

Never Ceased To Be Amazed · Posted: Sat Feb 23, 2008 8:10 pm Post subject:

scot47 · Joined: 10 Jan 2003 Posts: 15343

It has been US$4 = 15 SR for a long time. Effectively a Saudi Riyal salary means that you are paid in US Dollars.

So it goes.

Cleopatra · Posted: Tue Feb 26, 2008 2:58 pm Post subject:

007 · Posted: Tue Feb 26, 2008 6:02 pm Post subject:

KUWAIT is the state No. 51 of the United Sates of America.
And it belongs to the axis of Uncle Sam. Laughing

windstar · Joined: 22 Dec 2007 Posts: 235

johnslat · Posted: Tue Feb 26, 2008 8:59 pm Post subject: A Sate of Denial

And yet, a lot of Saudis will quickly tell you that the 51st state is actually Israel (i.e. Occupied Palestine.)

007 · Posted: Wed Feb 27, 2008 9:51 am Post subject: Re: A Sate of Denial

veiledsentiments · Joined: 20 Feb 2003 Posts: 17644 Location: USA

Trying to get another thread locked or pulled are you 007?

Stephen Jones · Joined: 21 Feb 2003 Posts: 4124

A very interesting debate on this very matter between Norman Finkelstein and Jaime Petras.
http://www.dissidentvoice.org/Apr07/Borer-Petras-Finkelstein17.htm