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Qatari riyal

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Qatari riyal

ريال قطري (Arabic)

QAR
Banknotes

ISO 4217 code

QAR

Official users

Flag of Qatar Qatar

Inflation

3.1% (2013)[1]

Pegged to

United States dollar = 3.64 riyal

Subunit

1/100 dirham

Symbol

QR or ر.ق

Coins

1, 5, 10, 25, 50 dirham

Banknotes

1, 5, 10, 50, 100, 500 riyal

Central bank

Qatar Central Bank

The Qatari riyal (Arabic: ريال قطري; symbol: QR or ر.ق; code: QAR) is the currency of Qatar. It is subdivided into 100 dirham (درهم). It was first introduced in 1966, being dubbed as the Qatari and Dubai riyal (Arabic:[2] قطر ودبي الريال) until 1973.

IntroductionEdit

Indian rupee coin 1862-1876 obv

Qatar formerly used the Indian rupee.

Human settlement in modern-day Qatar dates as far back as 50,000 years ago. During the 18th century, the Al-Khalifa clan migrated to the town of Zubarah. They eventually moved their headquarters to Bahrain, and in 1820, the British government and Bahrain signed the General Maritime Treaty, making Bahrain a protectorate of the United Kingdom. Qatar was considered a dependency of Bahrain until Sheikh Mohammed bin Thani signed a treaty with the United Kingdom in 1868, which established Qatar as a sovereign state. The State of Qatar was established in 1971.[3]

The first coins used in Qatar date back to the 3rd century BC. Centuries later, during the Islamic Golden Age, Iranian and Iraqi coins were used in the area. From the time of Qatar's founding to 1959, Qatar used the Indian rupee. It was replaced in the country by the Gulf rupee in 1959, and then the Saudi riyal in 1966. Later in 1966, Qatar replaced the Saudi riyal and introduced its own currency denominated in riyals, which was also used in the Trucial States (modern-day UAE). In 1971, Qatar developed a new form of the riyal which is currently being circulated.

HistoryEdit

Saudi 1 riyal 1961 obv

The Qatari riyal replaced the Saudi riyal.

In 1966, the Saudi riyal was replaced by the Qatar and Dubai riyal, which was the result of signing the Qatar-Dubai Currency Agreement on March 21, 1966. It had an initial value equal to the rupee before its devaluation.

Following the establishment of the United Arab Emirates, the former Trucial States continued using the Qatar and Dubai riyal until 1973, when they developed their own currency. As a result, Qatar changed the name of its currency to the "Qatari riyal". The riyal was interchangeable at par with the UAE dirham from 1976 to 1979.

CoinsEdit

QatarDubai 50 dirhem 1966

A Qatar and Dubai 50 dirham coin.

The first coins of the Qatar and Dubai riyal were issued in 1966. The series consisted of bronze 1, 5, and 10, and cupronickel 25 and 50 dirham. All featured a Goitered Gazelle (Gazella subgutturosa) on the reverse and bore a legend reading "QATAR AND DUBAI". In 1969 and 1970, the sheikhdoms of Ajman, Fujairah, Ras al-Khaimah, Sharjah, and Umm al-Quwain issued commemorative coins denominated in riyals in their respective locations.[4]

In 1973, a new series of Qatari coins was introduced, which consisted of the same denomination coins from the first series. The "QATAR AND DUBAI" of the first series was replaced by "STATE OF QATAR" and the Qatari emblem took the Goitered Gazelle's place. From 2006 to 2008, another series was introduced. The designs of the coins were slightly altered, and the composition of the 1 dirham coin was changed to copper-plated silver.[4]

In 1998, a commemorative series consisting of 100, 200, and 500 riyal coins was issued, marking the 25th anniversary of the Qatar Central Bank. In 2006 coins with denominations of 1, 10, 100, 300, and 10,000 riyals were issued to commemorate the 15th Asian Games. Commemorative Qatari coins have also come in denominations of 250, 1000, 2000, and 5000 riyals.[4]

BanknotesEdit

QatarDubai 25 riyal note obv

A 25 riyal note.

On September 18, 1966, the Qatar and Dubai Currency Board introduced notes with denominations of 1, 5, 10, 25, 50, and 100 riyal. In 1973, these notes were replaced by ones issued by the Qatar Monetary Agency with denominations of 1, 5, 10, 50, 100, and 500 riyal. The Qatar Central Bank took over issuance of banknotes in 1996, and issued the same denomination notes of the Qatar Monetary Agency, but with different designs.

Exchange ratesEdit

During March 1975, the riyal was officially pegged to the International Monetary Fund's Special Drawing Rights. In practice, it has also been pegged to the United States dollar at a rate of 1 USD = 3.64 riyal since 1980, which translates to approximately 1 riyal = 27.4 cents. This rate was made official in July 2001.

 v · d · e
Current QAR exchange rates
From Google Finance [1]: AUD CAD CHF EUR GBP HKD JPY USD
From Yahoo! Finance [2]: AUD CAD CHF EUR GBP HKD JPY USD
From OzForex [3]: AUD CAD CHF EUR GBP HKD JPY USD
From XE.com [4]: AUD CAD CHF EUR GBP HKD JPY USD
From OANDA.com [5]: AUD CAD CHF EUR GBP HKD JPY USD
Rates obtained from these websites may contradict with the pegged rate mentioned above.

Notes and referencesEdit

Template:Qatari riyal

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