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One of the foremost tasks of SAMA (Saudi Arabian Monetary Agency) in its early stage was, the development of a Saudi currency. SAMA also paid special attention to the need for promoting the growth of a national banking system. From 1960 to 1972, SAMA focused on banking regulations against the background of expanding banking business and the Kingdom’s acceptance of full convertibility of the Riyal in March 1961 in accordance with the Article VIII of the Articles of Agreements of the IMF.

 From 1973 to 1982, SAMA’s preoccupation was to contain inflationary pressures in the booming economy, expansion of the banking system and manage the massive foreign exchange reserves.

http://www.sama.gov.sa/en/about/history.htm

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In the mid 1960's we would go to the main souk (market) to exchange money, an adventure in it's self! The exchange stores were small stalls (perhaps 6 feet square) with a cement floor about 2 feet up and the exchange man would sit on the floor with a rug to deal, he was high enough to look you straight in the eye. When you agreed on his rate of exchange, he would then open his safe. Inside you could see bars of gold and stacks of bills from many countries, including a stack of $100 bills and $100 travelers checks. It was nothing for him to have such large amounts of money without any form of protection or alarm system,  back then it was very safe in Saudi.

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Sama Museum The third hall is the largest hall and the main showroom where currencies are exhibited in three types of display containers the first of these fifteen cases, standing adjacent to walls, show the antiquary historical currencies, starting with the case of pre-Islamic coins, such as Greek, Roman, Himyarite, Ptolemaic, Parthian, Sasanid, Byzantine, and others. As for the second up to the fourteenth century H. each case contains forty- two pieces. www.sama.gov.sa/en/museum/thirdhall.htm

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Money moves freely in and out of the country. The unit of currency is the Saudi Riyal, which is linked to the US dollar at a fixed exchange rate of $1.00 = SR 3.75. Currency can be exchanged on arrival at airports or at any bank. Commission charges are not levied but hotels usually offer a poor rate of exchange.
www.britishcouncil.org/saudiarabia/contact/sauvisit.htm

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It is a shame that no one in Saudi encourages their children to save a bit of money each time they get cash in their hands. When I tried to open bank accounts for my three, during the 70's,  I found that a savings account needed a very large sum to open. If anything the parents teach the children to SPEND, each child will receive money as gifts on Eid mornings and that afternoon the father will take the kids to toy stores and amusement centers so they can spend the cash.

UPDATE: I recently opened a new bank account (Feb, 2007) and it is now possible to open one with no pre deposit so this allows for children to begin a savings account.

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