Qatari riyal

Infobox Currency
currency_name_in_local = ريال قطري ar icon
image_1 =
image_title_1 = 500 riyal obverse
image_2 =
image_title_2 = 500 riyal reverse
iso_code = QAR
using_countries = Qatar
inflation_rate = 7.2%
inflation_source_date = " [https://www.cia.gov/library/publications/the-world-factbook/fields/2092.html The World Factbook] ", 2006 est.
pegged_with = U.S. dollar = 3.64 riyal
subunit_ratio_1 = 1/100
subunit_name_1 = dirham
symbol = QR or ر.ق
used_coins = 1, 5, 10, 25, 50 dirham
used_banknotes = 1, 5, 10, 50, 100, 500 riyal
issuing_authority = Qatar Central Bank
issuing_authority_website = www.qcb.gov.qa

The riyal (Arabic: ريال, ISO 4217 code: "QAR") is the currency of Qatar. It is divided into 100 dirham (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. Before doing so, 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.

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.

Banknotes

On September 18, 1966, the Qatar & Dubai Currency Board introduced notes for 1, 5, 10, 25, 50 and 100 riyal. These were replaced in 1973 by notes of the Qatar Monetary Agency in denominations of 1, 5, 10, 50, 100 and 500 riyal. In 1996, the Qatar Central Bank (QCB) took over the issuance of paper money and continued to issue the same denominations as the Monetary Agency.

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 riyal since 1980 [ [http://www.qcb.gov.qa/Exch.rate%20policy.asp Exchange Rate Policy, Qatar Central Bank] ] [ [http://users.erols.com/kurrency/asia.htm Tables of modern monetary history: Asia] ] , which translates to approximately 1 riyal = 0.274725 dollar. This rate was made official in July 2001.

Exchange Rate|QAR|KRW
note=Rates obtained from these websites may contradict with pegged rate mentioned above

ee also

* Gulf Rupee
* Cooperation Council for the Arab States of the Gulf
* Economy of Qatar

References

External links

Standard numismatics external links
world_coin_gallery_1_url = Qatar
world_coin_gallery_1_name = Qatar
banknote_world_1_url = qatar
banknote_world_1_name = Qatar
dollarization_1_url = asia
dollarization_1_name = Asia
gfd_1_url = Qatar
gfd_1_name = Qatar
show_gfd_excel = Y