The Saudi currency is the riyal and rials, both of which are five-letter words. The riyal is the official currency of Saudi Arabia and is divided into 100 halalas. It is issued by the Saudi Arabian Monetary Authority and is pegged to the US dollar at a rate of 3.75 riyals to 1 US dollar. The rial is an unofficial currency used in some parts of Saudi Arabia, mainly in the southern regions. It is not officially recognized by the government and is not backed by any central bank.