The riyal is the basic unit of the Saudi currency. The riyal is composed of 100 halalas. The riyal is issued by the Saudi Arabian Monetary Agency . It is covered with gold and convertible into foreign currencies. There are no restrictions on cash transfers to and from the Kingdom. The US dollar is equivalent to 3.75 riyals. The riyal is pegged to the US dollar at 3.75 riyals since 1986.