The currency of Saudi Arabia is the Saudi riyal (SAR). The riyal is subdivided into 100 halalas and has been the nation's currency since the 1920s, when it replaced the Indian rupee. The Saudi Central Bank, also known as the Saudi Arabian Monetary Authority, regulates the issuance and circulation of riyals. The currency is crucial for daily transactions, trade, and the economy, particularly due to the country's oil wealth. The riyal's value is generally stable as it is pegged to the US dollar, which helps maintain confidence in the currency for both domestic and international trade.