Value of 1998 Saudi Riyals today

﷼100 in 1998
﷼169.72 in 2024

The inflation rate in Saudi Arabia between 1998 and today has been 69.72%, which translates into a total increase of ﷼69.72. This means that 100 riyal in 1998 are equivalent to 169.72 riyal in 2024. In other words, the purchasing power of ﷼100 in 1998 equals ﷼169.72 today. The average annual inflation rate between these periods has been 2.06%.

Inflation timeline in Saudi Arabia (1998 - 2024)

The following chart depicts the equivalence of ﷼100 due to compound inflation and CPI changes. All values are equivalent in terms of purchasing power, which means that for each year the same goods or services could be bought with the indicated amount of money.

All calculations are performed in the local currency (SAR) and using 6 decimal digits. Results show only up to 2 decimal digits to favour readability. Inflation data is provided by governments and international institutions on a monthly basis. Today's values were extrapolated from the latest 12-month rolling average official data.

The following table contains relevant indicators:

Indicator Value
Cumulative inflation 1998-2023 68.38%
Cumulative inflation 1998-today 69.72%
Avg. Annual inflation 1998-2023 2.11%
CPI 1998 67.41
CPI 2023 113.51
CPI 2023-12 (latest official data) 114.23
CPI today 114.41

How to calculate today's value of money after inflation?

There are several ways to calculate the time value of money. Depending on the data available, results can be obtained by using the Consumer Price Index (CPI) formula or the compound interest formula.

Using the CPI formula

When we have both the start and end years, we can use the following formula:

Valuet =Value0 ×
CPIt/CPI0

To obtain the values equivalent in buying power between 1998 and 2023, use the corresponding CPI values:

Value2023
=Value1998 ×
CPI2023/CPI1998
=﷼ 100 ×
113.51/67.41
﷼168.38

To obtain the equivalent value today (present value), plug in the CPI for today, which is estimated as 114.41:

Valuetoday
=Value1998 ×
CPItoday/CPI1998
=﷼ 100 ×
114.41/67.41
﷼169.72

Alternative: Using the compound interest formula

Given that money changes with time as a result of an inflation rate that acts as compound interest, we can use the following formula: FV = PV × (1 + i)n, where:

  • FV: Future Value
  • PV: Present Value
  • i: Interest rate (inflation)
  • n: Number of times the interest is compounded (i.e. # of years)

In this case, the future value represents the final amount obtained after applying the inflation rate to our initial value. In other words, it indicates how much are ﷼100 worth today. There are 25 years between 1998 and 2023 and the average inflation rate was 2.106%. Therefore, we can resolve the formula like this:

Value2023
=PV × (1 + i)n
=﷼100 × (1 + 0.02106)25
﷼168.38

Saudi Arabia inflation - Conversion table

Initial Value Equivalent value
﷼1 riyal in 1998 ﷼1.68 riyal in 2023
﷼5 riyal in 1998 ﷼8.42 riyal in 2023
﷼10 riyal in 1998 ﷼16.84 riyal in 2023
﷼50 riyal in 1998 ﷼84.19 riyal in 2023
﷼100 riyal in 1998 ﷼168.38 riyal in 2023
﷼500 riyal in 1998 ﷼841.88 riyal in 2023
﷼1,000 riyal in 1998 ﷼1,683.77 riyal in 2023
﷼5,000 riyal in 1998 ﷼8,418.85 riyal in 2023
﷼10,000 riyal in 1998 ﷼16,837.69 riyal in 2023
﷼50,000 riyal in 1998 ﷼84,188.47 riyal in 2023
﷼100,000 riyal in 1998 ﷼168,376.93 riyal in 2023
﷼500,000 riyal in 1998 ﷼841,884.67 riyal in 2023
﷼1,000,000 riyal in 1998 ﷼1,683,769.34 riyal in 2023
Cumulative inflation From 1998 69.72%
Avg. annual inflation From 1998 2.06%
CPI 1998 67.41
CPI today 114.41

Value of Riyal over time (by year)

Period Value
1998 100
1999 98.67
2000 97.56
2001 96.46
2002 96.7
2003 97.29
2004 97.79
2005 98.26
2006 100.43
2007 104.62
2008 114.95
2009 120.76
2010 127.21
2011 134.62
2012 138.48
2013 143.37
2014 146.57
2015 148.34
2016 151.41
2017 150.14
2018 153.83
2019 150.61
2020 155.8
2021 160.57
2022 164.55
2023 168.38
2023-12 169.45
Today 169.72

All available years

Today's value of saudi riyals by year:

1996 | 1997 | 1998 | 1999 | 2000 | 2001 | 2002 | 2003 | 2004 | 2005 | 2006 | 2007 | 2008 | 2009 | 2010 | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 |

Other currencies: