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Silver Price Saudi Arabia
Saudi Arabia is officially known as the Kingdom of Saudi Arabia. The country has a land area of approximately 830,000 square miles, and constitutes the majority of the Arabian Peninsula. The country’s government is a unitary Islamic absolute monarchy, and the kingdom was founded in 1932. Saudi Arabia is one of the largest countries in Asia, and has a population of about 33,000,000. The capital of Saudi Arabia is the city of Riyadh, and the nation’s official language is Arabic.
The Saudi Riyal is the official currency of the KIngdom of Saudi Arabia. Like many other global currencies, the riyal can be subdivided into 100 smaller units of currency called halalas. The Saudi Riyal has been the country’s currency since it was founded. The riyal is issued and controlled by the nation’s central bank. The Saudi Arabian Monetary Authority was established in 1952 and was previously called the Saudi Arabian Monetary Agency. Headquartered in the capital city of Riyadh, the central bank has several key responsibilities in addition to currency issuance and maintenance. Some of the major responsibilities of the central bank include maintenance of price stability, management of the nation’s foreign exchange reserves and oversight of commercial banks.
If you are looking to buy silver in Saudi Arabia or simply want to see current prices, you will see the metal quoted in the local currency. Prices may also be available in other global currencies such as U.S. Dollars, Great British Pounds, euros or Japanese Yen.
Saudi Arabia is the world’s largest exporter of petroleum, and oil plays a major role in the kingdom’s economy. Not only does Saudi Arabia have significant oil reserves, but the nation also has substantial natural gas reserves as well. Saudi Arabia has some of the most valuable natural resources anywhere in the world. Petroleum accounts for a significant portion of state budget revenues, export earnings and GDP.
Most of the oil produced in Saudi Arabia is produced by Saudi Aramco, also known as the Saudi Arabian Oil Company. This company is a Saudi Arabian national petroleum and natural gas company that is based in the city of Dhahran. The company is considered the most valuable in the world, with market value estimates ranging from $2 trillion to $10 trillion. The company was founded in 1933 and is fully owned by the Saudi government.
The country is also involved in numerous other areas of industry as well, and it could see significant growth in other sectors as it looks to diversify its economy. Some of the areas the nation is involved in include: plastics, metals, ship repair, cement, ammonia, construction and more.
Silver is available for investment purposes in various forms including bullion bars, coins, rounds, collectibles and even jewelry. Silver bullion bars may potentially offer the most cost efficient way to acquire silver, as the bars tend to carry the lowest overall per-ounce premiums. Rounds can also offer very reasonable premiums as well, but are not available in larger weights like bars.