Qatari riyal

Qatari riyal
ريال قطري (Arabic)
Banknotes of the Qatari riyal, issued by the Qatar Central Bank.
ISO 4217 code	QAR
Central bank	Qatar Central Bank
Website	www.qcb.gov.qa
User(s)	Qatar
Inflation	-2.8%
Source	The World Factbook, 2011 est.
Pegged with	U.S. dollar = 3.64 riyal
Subunit
1/100	dirham
Symbol	QR or ر.ق
Coins	1, 5, 10, 25, 50 dirhams
Banknotes	1, 5, 10, 50, 100, 500 riyals

The riyal (Arabic: ريال riyāl; ISO 4217 code: QAR) is the currency of the State of Qatar. It is divided into 100 dirham (Arabic: درهم‎) and is abbreviated as either QR (English) or ر.ق (Arabic).

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.^[1] Before doing so, Qatar briefly adopted the Saudi riyal, then introduced the Qatar and Dubai riyal which was the result of signing the Qatar-Dubai Currency Agreement on 21 March 1966.^[2] The Saudi riyal was worth 1.065 rupees, whilst the Qatar and Dubai riyal was equal to the rupee prior to its devaluation.

Following Dubai's entrance into the United Arab Emirates, 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 The old notes continued to circulate in parallel for 90 days, at which time they were withdrawn. ^[3]

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 dirham. 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. See these coins at http://www.chiefacoins.com/Database/Countries/Qatar.htm

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 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.^[4]

Current Series
Image		Value	Main Colour	Description
Obverse	Reverse			Obverse	Reverse
		1 Riyal	Grey	Coat of arms of Qatar	Native birds
		5 Riyals	Green		National Museum, Native animals
		10 Riyals	Orange		Sand dunes
		50 Riyals	Pink		The Pearl Oyster Monument and a view of the Qatar Central Bank building
		100 Riyals	Green & Gold		Old Mosque and Al-Shaqab Institute
		500 Riyals	Blue		Falcon, with a view of the Amiri Diwan of Qatar which serves as the government building for the State of Qatar

Fixed exchange rate

The Qatari Riyal is pegged to the US dollar at a fixed exchange rate of USD 1 = QAR 3.64. This rate was enshrined into Qatari law by Royal Decree No.34 of 2001, signed by Hamad Bin Khalifa Al Thani, Emir of Qatar, on 9 July 2001.

Article (1) states that the Qatari Riyal exchange rate shall be pegged against the US Dollar at (3.64), and sets upper and lower limits of QAR 3.6415 and QAR 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 (SDRs).^[5][6][7]

Note: Rates obtained from these websites may contradict with pegged rate mentioned above

See also

• Gulf rupee
• Cooperation Council for the Arab States of the Gulf
• Economy of Qatar
• Qatar Central Bank

References

External links