Qatari riyal
From Wikipedia, the free encyclopedia
| ISO 4217 Code | QAR |
| User(s) | Qatar |
| Inflation | 8.8% |
| Source | The World Factbook, 2005 est. |
| Pegged with | U.S. dollar = 3.64 riyals |
| Subunit | |
| 1/100 | dirham |
| Symbol | QR or ر.ق |
| Coins | 1, 5, 10, 25, 50 dirhams |
| Banknotes | 1, 5, 10, 50, 100, 500 riyals |
| Central bank | Qatar Central Bank |
| Website | www.qcb.gov.qa |
The Qatari riyal (currency code QAR) is the official currency of Qatar. A riyal is divided into 100 dirhams, and is abbreviated either QR (English) or ر.ق (Arabic).
Contents |
[edit] History
Until 1966, Qatar used the Indian rupee as currency, in the form of Gulf rupees. When India devalued the rupee in 1966, Qatar, along with the other states using the Gulf rupee, chose to introduce its own currency. Qatar briefly adopted the Saudi riyal, then introduced the Qatar and Dubai riyal. The Saudi riyal was worth 1.065 rupees, whilst the Qatar and Dubai riyal was equal to the rupee prior to its devaluation.
Until 1973, Qatar and Dubai jointly issued the riyal. However, following Dubai's entrance into the United Arab Emirates, Qatar began issuing the Qatari riyal separate from Dubai.
[edit] Coins
Coins are issued in denominations of 1, 5, 10, 25 and 50 dirhams.
[edit] Banknotes
The Qatar Central Bank (QCB) issues banknotes in denominations of 1, 5, 10, 50, 100, and 500 riyals.
[edit] Fixed exchange rate
In March 1975, the riyal was officially pegged to the IMF's Special Drawing Rights (SDRs). In practice, it has been fixed at 1 U.S. dollar = 3.64 riyals since 1980[1] [2], which translates to approximately 1 riyal = 0.274725 dollar. This rate was made official in July 2001.
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Note: Rates obtained from these websites may contradict with pegged rate mentioned above
[edit] See also
[edit] References
| Preceded by: Saudi riyal Reason: delivery of local currency Ratio: 1.065 Qatari and Dubai riyals = 1 Saudi riyal, or 1 Qatari and Dubai riyal = 1 pre-devalued Gulf rupee |
Currency of Qatar 1966 – 1973 |
Succeeded by: Qatari riyal Reason: independence (in 1971) Ratio: at par |
| Currency of Trucial States except for Abu Dhabi 1966 – 1973 |
Succeeded by: United Arab Emirates dirham Reason: formed United Arab Emirates (in 1971) Ratio: at par |
| Preceded by: Qatari and Dubai riyal Reason: independence (in 1971) Ratio: at par |
Currency of Qatar 1973 – |
Succeeded by: Current |
