The Qatari riyal (
sign
A sign is an object, quality, event, or entity whose presence or occurrence indicates the probable presence or occurrence of something else. A natural sign bears a causal relation to its object—for instance, thunder is a sign of storm, or me ...
: QR in
Latin
Latin (, or , ) is a classical language belonging to the Italic branch of the Indo-European languages. Latin was originally a dialect spoken in the lower Tiber area (then known as Latium) around present-day Rome, but through the power of the ...
, in
Arabic
Arabic (, ' ; , ' or ) is a Semitic languages, Semitic language spoken primarily across the Arab world.Semitic languages: an international handbook / edited by Stefan Weninger; in collaboration with Geoffrey Khan, Michael P. Streck, Janet C ...
;
ISO code: QAR) is the currency of the State of
Qatar
Qatar (, ; ar, قطر, Qaṭar ; local vernacular pronunciation: ), officially the State of Qatar,) is a country in Western Asia. It occupies the Qatar Peninsula on the northeastern coast of the Arabian Peninsula in the Middle East; it sh ...
. It is divided into 100 dirhams ( ar, درهم).
History
Until 1966, Qatar used the
Indian rupee
The Indian rupee ( symbol: ₹; code: INR) is the official currency in the republic of India. The rupee is subdivided into 100 ''paise'' (singular: ''paisa''), though as of 2022, coins of denomination of 1 rupee are the lowest value in use wh ...
as its
currency
A currency, "in circulation", from la, currens, -entis, literally meaning "running" or "traversing" is a standardization of money in any form, in use or circulation as a medium of exchange, for example banknotes and coins.
A more general def ...
, in the form of
Gulf rupee
The Gulf rupee (Arabic: روبيه or روبيه خليجيه) was the official currency used in the British protectorates of the Arabian Peninsula that are around the Persian Gulf between 1959 and 1966. These areas today form the countries of K ...
s. When
India
India, officially the Republic of India (Hindi: ), is a country in South Asia. It is the seventh-largest country by area, the second-most populous country, and the most populous democracy in the world. Bounded by the Indian Ocean on the so ...
devalued the rupee in 1966, Qatar, along with the other states using the Gulf rupee, chose to introduce its own currency.
Before doing so, Qatar briefly adopted the
Saudi riyal
The Saudi riyal ( ar, ريال سعودي ') is the currency of Saudi Arabia. It is abbreviated as
or SAR ''(Saudi Arabian Riyal)''. It is subdivided into 100 halalas ( ar, هللة '). The currency is pegged to the US dollar at a constant rate ...
, then introduced the Qatar and Dubai riyal following the signing of the Qatar-Dubai Currency Agreement on 21 March 1966. The Saudi riyal was worth 1.065 Gulf rupees, whilst the Qatar and Dubai riyal was equal to the Gulf rupee prior to its devaluation.
Following
Dubai
Dubai (, ; ar, دبي, translit=Dubayy, , ) is the most populous city in the United Arab Emirates (UAE) and the capital of the Emirate of Dubai, the most populated of the 7 emirates of the United Arab Emirates.The Government and Politics of ...
's entry into the
United Arab Emirates
The United Arab Emirates (UAE; ar, اَلْإِمَارَات الْعَرَبِيَة الْمُتَحِدَة ), or simply the Emirates ( ar, الِْإمَارَات ), is a country in Western Asia (The Middle East). It is located at th ...
, Qatar began issuing the Qatari riyal separate from Dubai on 19 May 1973. The old notes continued to circulate in parallel for 90 days, at which time they were withdrawn.
For a wider history surrounding currency in the region, see the
history of British currency in the Middle East.
Coins
In 1966, coins were introduced in the name of Qatar and Dubai for 1, 5, 10, 25, and 50 dirhams. In 1973, a new series of coins was introduced in the same sizes and compositions as the earlier pieces but in the name of Qatar only. Only 25 and 50 dirham coins are now circulated
Banknotes
On September 18, 1966, the Qatar & Dubai Currency Board introduced notes for 1, 5, 10, 25, 50, and 100 riyals. These were replaced on 19 May 1973 by notes of the Qatar Monetary Agency in denominations of 1, 5, 10, 100, and 500 riyals; a 50 riyal note was issued in 1976. The
Qatar Central Bank
The Qatar Central Bank ( ar, مصرف قطر المركزي) is the central bank of Qatar.
Originally known as the Qatar Monetary Agency it was founded in 1973.
Over its history the Qatar Central Bank has increasingly worked in association with ...
was established by decree 15 on 5 August 1973. All coins and notes issued by the Qatar Monetary Agency became the property of the bank but continued to circulate for several years. On December 13, 2020, the Qatar Central Bank issued its fifth series of banknotes for circulation. Included in this series is the 200 riyal banknote. The front side of the notes share a common design based on traditional geometric patterns, the
Flag of Qatar
The national flag of Qatar ( ar, علم قطر) is in the ratio of 11:28. It is maroon with a broad white serrated band (nine white points) on the hoist side. It was adopted shortly before the country declared independence from Britain on 3 Sept ...
, Qatari flora and a gate representing historic Qatari architecture.
Qatar issued a commemorative 22 riyal note for the
2022 FIFA World Cup
The 2022 FIFA World Cup is an international association football, football tournament contested by the men's national teams of FIFA's member associations. The 22nd FIFA World Cup is taking place in Qatar from 20 November to 18 December 2022 ...
.
Fixed exchange rate
The Qatari riyal is pegged to the US dollar at a fixed exchange rate of US$1 = QR 3.64. This rate was enshrined into Qatari law by Royal Decree No.34 of 2001, signed by
Hamad bin Khalifa Al Thani
Sheikh Hamad bin Khalifa bin Hamad bin Abdullah bin Jassim bin Mohammed Al Thani ( ar, حمد بن خليفة الثاني; born 1 January 1952) is a member of the ruling Al Thani Qatari royal family. He was the ruling Emir of Qatar from 1995 ...
,
Emir of Qatar, on 9 July 2001.
Article (1) states that the Qatari riyal exchange rate shall be pegged against the US dollar at QR 3.64, and sets upper and lower limits of QR 3.6415 and QR 3.6385 for the Qatar Central Bank's purchase and sale of dollars with banks operating in Qatar. Article (2) provides the Qatar Central Bank with the authority to determine the volume and the time of sale of US dollars and the associated conditions of such sales and payments. Article (3) cancels the earlier Royal Decree No.60 of 1975, by which the riyal was officially pegged to the
IMF's
special drawing rights
Special drawing rights (SDRs, code ) are supplementary foreign exchange reserve assets defined and maintained by the International Monetary Fund (IMF). SDRs are units of account for the IMF, and not a currency ''per se''. They represent a claim ...
(SDRs).
Effect of the 2017 Qatar diplomatic crisis
In response to the
2017 Qatar diplomatic crisis, banks in the countries blockading Qatar had to stop trading with Qatari banks. This led to a fall in liquidity offshore and a move away from the fixed exchange rate outside of Qatar, with up to QR 3.81 being required to buy 1 US dollar in late June 2017, a situation that continued until December 2017.
This also led to cessation of trading of Qatari banknotes outside of Qatar with certain banks in certain countries such as the UK.
Within Qatar itself, however, the Central Bank of Qatar has continued to buy and sell US dollars at the fixed rate.
See also
*
*
Economy of Qatar
The economy of Qatar is one of the highest in the world based on GDP per capita, ranking generally among the top ten richest countries on world rankings for 2015 and 2016 data compiled by the World Bank, the United Nations, and the Internationa ...
*
Qatar Central Bank
The Qatar Central Bank ( ar, مصرف قطر المركزي) is the central bank of Qatar.
Originally known as the Qatar Monetary Agency it was founded in 1973.
Over its history the Qatar Central Bank has increasingly worked in association with ...
References
External links
The banknotes of Qatar
{{DEFAULTSORT:Qatari Riyal
Fixed exchange rate
Currencies introduced in 1973
Riyal