The Qatari Riyal is the official currency of the State of Qatar. It is issued by the Central Bank of Qatar and is abbreviated as QR. Below are some unbelievable facts about the Qatari Riyal.
Fact No. 1
- One Qatari Riyal is dived into 100 dirhams. The Central Bank of Qatar issues this currency as banknotes of 1, 10, 50, 100 and 500 riyals, and coins of 25 and 50 dirhams.
Fact No. 2
- The Riyal has been pegged against the US dollar since 1975. It has maintained a peg of QR 3.64 per USD since 1980. The Qatari Government and the Central Bank of Qatar authorized this ‘peg’ officially in 2001.
Fact No. 3
- Just like other currencies of ‘smaller’ countries, the Qatari Riyal can only be used in Qatar. You can, however, exchange your riyals in a few countries outside Qatar, especially those in the Middle East.
Fact No. 4
- Before 1966, Qatar’s currency was the Gulf Rupee, a currency previously issued by the Indian government. After the Indian Rupee was devalued in 1966, Qatar opted for the Saudi Riyal for a few months, then the Qatar and Dubai Riyal in March 1966.
Fact No. 5
- Qatar used the combined Qatar and Dubai Riyal until 1973 when its Central Bank began to issue a standalone Qatari Riyal.
Fact No. 6
- The highest exchange rate that the Qatari Riyal has ever traded at is 3.84 to the US dollar, in November 2017. It hit its lowest exchange rate of 3.34 in December 2013.
Fact No. 7
- In June 2017, the Qatari Riyal faced a few hiccups after banks and forex companies outside Qatar refused to buy it. This poor liquidity was also as a result of Saudi Arabia and other states in the Middle East cutting ties with Doha on suspicions of backing terrorism. The Qatari Central Bank, however, moved quickly to avert this situation by promising to guarantee all dealings for customers inside and outside the country.
There you are – seven facts about the Qatari Riyal that you may need to remember when you visit Qatar next!