Value of 2003 Saudi Riyals today

﷼100 in 2003
﷼176.71 in 2024

The inflation rate in Saudi Arabia between 2003 and today has been 76.71%, which translates into a total increase of ﷼76.71. This means that 100 riyal in 2003 are equivalent to 176.71 riyal in 2024. In other words, the purchasing power of ﷼100 in 2003 equals ﷼176.71 today. The average annual inflation rate between these periods has been 2.75%.

Inflation timeline in Saudi Arabia (2003 - 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 2003-2023 73.06%
Cumulative inflation 2003-today 76.71%
Avg. Annual inflation 2003-2023 2.78%
CPI 2003 65.59
CPI 2023 113.51
CPI 2024-09 (latest official data) 115.71
CPI today 115.9

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 2003 and 2023, use the corresponding CPI values:

Value2023
=Value2003 ×
CPI2023/CPI2003
=﷼ 100 ×
113.51/65.59
﷼173.06

To obtain the equivalent value today (present value), plug in the CPI for today, which is estimated as 115.9:

Valuetoday
=Value2003 ×
CPItoday/CPI2003
=﷼ 100 ×
115.9/65.59
﷼176.71

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 20 years between 2003 and 2023 and the average inflation rate was 2.7803%. Therefore, we can resolve the formula like this:

Value2023
=PV × (1 + i)n
=﷼100 × (1 + 0.027803)20
﷼173.06

Saudi Arabia inflation - Conversion table

Initial Value Equivalent value
﷼1 riyal in 2003 ﷼1.73 riyal in 2023
﷼5 riyal in 2003 ﷼8.65 riyal in 2023
﷼10 riyal in 2003 ﷼17.31 riyal in 2023
﷼50 riyal in 2003 ﷼86.53 riyal in 2023
﷼100 riyal in 2003 ﷼173.06 riyal in 2023
﷼500 riyal in 2003 ﷼865.31 riyal in 2023
﷼1,000 riyal in 2003 ﷼1,730.61 riyal in 2023
﷼5,000 riyal in 2003 ﷼8,653.07 riyal in 2023
﷼10,000 riyal in 2003 ﷼17,306.15 riyal in 2023
﷼50,000 riyal in 2003 ﷼86,530.74 riyal in 2023
﷼100,000 riyal in 2003 ﷼173,061.48 riyal in 2023
﷼500,000 riyal in 2003 ﷼865,307.4 riyal in 2023
﷼1,000,000 riyal in 2003 ﷼1,730,614.8 riyal in 2023
Cumulative inflation From 2003 76.71%
Avg. annual inflation From 2003 2.75%
CPI 2003 65.59
CPI today 115.9

Value of Riyal over time (by year)

Period Value
2003 100
2004 100.52
2005 101
2006 103.23
2007 107.53
2008 118.14
2009 124.12
2010 130.75
2011 138.36
2012 142.33
2013 147.36
2014 150.65
2015 152.47
2016 155.62
2017 154.32
2018 158.11
2019 154.8
2020 160.14
2021 165.04
2022 169.13
2023 173.06
2024-09 176.42
Today 176.71

All available years

Today's value of saudi riyals by year:

1995 | 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: