🛢️🚢Currency Exchange Rate for Major Oil-Producing Countries in the Middle East:
Saudi Arabia (Saudi Riyal, SAR): Pegged to the U.S. dollar (USD) at a fixed rate of 1 SAR ≈ $0.27 USD, maintained by the Saudi Arabian Monetary Authority (SAMA) since 1986 for oil trade stability and petrodollar alignment.
Iraq (Iraqi Dinar, IQD): Pegged to the U.S. dollar (USD) at a fixed rate of 1 IQD ≈ $0.00076 USD, controlled by the Central Bank of Iraq (CBI) for economic stability, with a parallel market rate differing due to restrictions.
Iran (Iranian Rial, IRR): Managed (not freely floating), with an official rate set by the Central Bank of Iran (CBI) at 1 IRR ≈ $0.00000238 USD (or 420,000 IRR/USD), but heavily influenced by sanctions and a paralle market rate of 1 IRR ≈ $0.00000154–$0.00000167 USD (600,000–650,000 IRR/USD), not pegged to any single currency but tightly controlled.
Kuwait (Kuwaiti Dinar, KWD): Managed float (not freely floating), tied to a basket of major currencies (including USD, EUR, GBP), with limited flexibility maintained by the Central Bank of Kuwait (CBK) to ensure stability as 1 KWD ≈ $3.24 USD.
United Arab Emirates (UAE Dirham, AED): Pegged to the U.S. dollar (USD) at a fixed rate of 1 AED ≈ $0.27 USD, set by the Central Bank of the UAE since 1997 for oil trade and GCC alignment.
Qatar (Qatari Riyal, QAR): Pegged to the U.S. dollar (USD) at a fixed rate of 1 QAR ≈ $0.27 USD, maintained by the Qatar Central Bank for oil and gas trade stability.
Oman (Omani Rial, OMR): Pegged to the U.S. dollar (USD) at a fixed rate of 1 OMR ≈ $2.60 USD, set by the Central Bank of Oman since 1986 for oil export stability.
Bahrain (Bahraini Dinar, BHD): Pegged to the U.S. dollar (USD) at a fixed rate of 1 BHD ≈ $2.65 USD, maintained by the Central Bank of Bahrain for oil trade and GCC alignment.
💰Top 5 Freely Floating Currencies (Ranked by Strength vs. USD):
British Pound Sterling (GBP) – United Kingdom: Freely floating since the 1970s, primarily market-driven by the Bank of England with rare interventions for extreme volatility, trading at approximately 1 GBP ≈ $1.26 USD.
Swiss Franc (CHF) – Switzerland: Freely floating since 2000, with occasional interventions by the Swiss National Bank (e.g., 2011–2015), trading at approximately 1 CHF ≈ $1.09 USD.
Australian Dollar (AUD) – Australia: Freely floating since 1983, managed by the Reserve Bank of Australia with minimal intervention, trading at approximately 1 AUD ≈ $0.65 USD.
Canadian Dollar (CAD) – Canada: Freely floating since 1970, managed by the Bank of Canada with occasional interventions, trading at approximately 1 CAD ≈ $0.74 USD.
Japanese Yen (JPY) – Japan: Freely floating since the 1970s, with rare interventions by the Bank of Japan, trading at approximately 1 JPY ≈ $0.00669 USD.
Notes:
For pegged currencies, the fixed rates ensure stability for oil trade, while freely floating currencies reflect market forces but can face volatility.
