riyal

How does the seller selling the kebabs in riyal get the chicken given they only earn riyal?

That increases its value, riyal for riyal, to the fixed-rate currency Kingdom.

The dollar is basically the currency of the global financial system: instead of directly converting rupee to riyal, you convert rupee to dollars, handle your transaction, and then convert dollars to riyal.

>How does the seller selling the kebabs in riyal get the chicken given they only earn riyal?

KSA infact is not just pricing oil in dollars but also mandating riyal to exactly follow the dollar!

Japan doesn’t care about its exchange rate to the riyal because both float reasonably stably to the dollar.

The Saudis would be richer if they unpegged the Riyal and exclusively sold their oil in their currency.

Is this true of any currency pegged to an exchange rate, such as yuan, ruble, and riyal?

Still, prices for 12-month dollar-riyal forward contracts are well short of their all-time high reached in 2016.

Why would the chicken seller not take the riyal since that helps his customers and do the FX magic themselves?

Now in SA, to keep the population calm and quiet, they subsidize petrol to be (well) under 1 Riyal per liter.

Doesn't really change anything which foreign currency they would use, be it pound, yuan, franc, riyal etc....

They buy the dollars they need to buy the chicken off the Saudi national bank for Riyal.

Wait, explain me to this: Why isn't Saudi Arabia pricing oil in Saudi Riyal?