Qatari riyal
| ريال قطري (Arabic) | |
|---|---|
| ISO 4217 | |
| Code | QAR (numeric: 634) |
| Subunit | 0.01 |
| Unit | |
| Symbol | QR and ر.ق |
| Denominations | |
| Subunit | |
| 1⁄100 | dirham |
| Banknotes | |
| Freq. used | QR 1, QR 5, QR 10, QR 50, QR 100, QR 200, QR 500 |
| Rarely used | QR 22 (commemorative) |
| Coins | |
| Freq. used | 25, 50 dirhams |
| Rarely used | 1, 5, 10 dirhams |
| Demographics | |
| User(s) |  Qatar Dubai (until 1973) |
| Issuance | |
| Central bank | Qatar Central Bank |
| Website | www |
| Valuation | |
| Inflation | 5.42% |
| Source | Qatar Central Bank, 2022. |
| Pegged with | US dollar (USD) US$1 = QR 3.64 |
The Qatari riyal (sign: QR in Latin,[1] ر.ق in Arabic; ISO code: QAR) is the currency of the State of Qatar. It is divided into 100 dirhams (Arabic: درهم).
History
[edit]Until 1966, Qatar used the Indian rupee as its 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.[2]
Before doing so, Qatar briefly adopted the Saudi riyal, then introduced the Qatar and Dubai riyal following the signing of the Qatar-Dubai Currency Agreement on 21 March 1966.[3] The Saudi riyal was worth 1.065 Gulf rupees, whilst the Qatar and Dubai riyal was equal to the Gulf rupee prior to its devaluation. Initially pegged with sterling at one shilling and six pence (1s. 6d.) per riyal, its value was changed to one shilling and nine pence (1s. 9d.) when sterling was devalued in 1967, maintaining its value in relation to gold.
Following Dubai's entry 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 The old notes continued to circulate in parallel for 90 days, at which time they were withdrawn.[4]
For a wider history surrounding currency in the region, see the history of British currency in the Middle East.
Coins
[edit]In 1966, coins were introduced in the name of Qatar and Dubai for 1, 5, 10, 25, and 50 dirhams. 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. Only 25 and 50 dirham coins are now circulated, although smaller coins remain legal tender.[citation needed]
| Image | Value | Diameter | Mass | Composition | Edge | Obverse | Reverse | Year of | ||
|---|---|---|---|---|---|---|---|---|---|---|
| Obverse | Reverse | first minted | withdrawal | |||||||
| 1 dirham | 15 mm | 1.4 g | Copper-clad Steel | Smooth | Mintage dates both the Gregorian and Lunar Hijri calendars on top, the Emblem of Qatar at the center, and the lettering: "دولة قطر" in the bottom. | The lettering "ONE DIRHAM", below that is the value (Older versions use Eastern Arabic numerals while newer ones use Western Arabic numerals), below that is the lettering "درهم", and below that is the lettering "STATE OF QATAR" | 1973 | |||
| 5 dirhams | 22 mm | 2.83 g | Copper-clad Steel | Smooth | Mintage dates in both the Gregorian and Lunar Hijri calendars on top, the Emblem of Qatar at the center, and the lettering: "دولة قطر" in the bottom. | The lettering "FIVE DIRHAMS", below that is the value (Older versions use Eastern Arabic numerals while newer ones use Western Arabic numerals), below that is the lettering "دراهم", and below that is the lettering "STATE OF QATAR" | 1973 | |||
| 10 dirhams | 27 mm | 7.52 g | Copper-clad Steel | Smooth | Mintage dates in both the Gregorian and Lunar Hijri calendars on top, the Emblem of Qatar at the center, and the lettering: "دولة قطر" in the bottom. | The lettering "TEN DIRHAMS", below that is the value (Older versions use Eastern Arabic numerals while newer ones use Western Arabic numerals), below that is the lettering "دراهم", and below that is the lettering "STATE OF QATAR" | 1973 | |||
| 25 dirhams | 20 mm | 3.2 g | Nickel-clad Steel | Reeded | Mintage dates in both the Gregorian and Lunar Hijri calendars on top, the Emblem of Qatar at the center, and the lettering: "دولة قطر" in the bottom. | The lettering "TWENTY FIVE DIRHAMS", below that is the value (Older versions use Eastern Arabic numerals while newer ones use Western Arabic numerals), below that is the lettering "درهماً", and below that is the lettering "STATE OF QATAR" | 1973 | |||
| 50 dirhams | 25 mm | 5.8 g | Nickel-clad Steel | Reeded | Mintage dates in both the Gregorian and Lunar Hijri calendars on top, the Emblem of Qatar at the center, and the lettering: "دولة قطر" in the bottom. | The lettering "FIFTY DIRHAMS", below that is the value (Older versions use Eastern Arabic numerals while newer ones use Western Arabic numerals), below that is the lettering "درهماً", and below that is the lettering "STATE OF QATAR" | 1973 | |||
Banknotes
[edit]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.[5] In 2003, the Fourth Series was issued and on September 26, 2007, the revised of 100 and 500 riyal was issued, follow the revised of the 1, 5, 10, 50 on September 15, 2008. On December 13, 2020, the Qatar Central Bank issued its fifth series of banknotes for circulation. Included in this series is the 200 riyal banknote. The front side of the notes share a common design based on traditional geometric patterns, the Flag of Qatar, Qatari flora and a gate representing historic Qatari architecture.
Qatar issued a commemorative 22 riyal note for the 2022 FIFA World Cup.
| First series (1973–76) | |||||||
|---|---|---|---|---|---|---|---|
| Image | Value | Main Color | Description | Date of | |||
| Obverse | Reverse | Obverse | Reverse | Issue | Withdrawn | ||
| QR 1 | Red | Coat of arms of Qatar | Port of Doha | May 19, 1973 | Unknown | ||
| QR 5 | Brown and Purple | National museum | |||||
| QR 10 | Green | Qatar Monetary Agency building | |||||
| QR 50 | Blue | Oil rig | 1976 | ||||
| QR 100 | Olive Green | Ministry of Finance | May 19, 1973 | ||||
| QR 500 | Mosque of the Sheikhs | ||||||
| Second series (1981) | |||||||
|---|---|---|---|---|---|---|---|
| Image | Value | Main Color | Description | Date of | |||
| Obverse | Reverse | Obverse | Reverse | Issue | Withdrawn | ||
| QR 1 | Brown | Coat of arms of Qatar | Doha (Then changed to Dhow, Ministry of Finance, Emir's palace since 1985) | July 7, 1981 | Unknown | ||
| QR 5 | Purple, Red, Green and Blue | Sheep | |||||
| QR 10 | Green and Yellow | National museum | |||||
| QR 50 | Blue | Furnace in steel factory | |||||
| QR 100 | Olive Green | Qatar Central Bank building | |||||
| QR 500 | Green and Blue | Oil rig | |||||
| Third series (1996) | |||||||
|---|---|---|---|---|---|---|---|
| Image | Value | Main Color | Description | Date of | |||
| Obverse | Reverse | Obverse | Reverse | Issue | Withdrawn | ||
| QR 1 | Brown | Coat of arms of Qatar | Dhow, Ministry of Finance, Emir's palace | June 22, 1996 | Unknown | ||
| QR 5 | Purple, Red, Green and Blue | Sheep | |||||
| QR 10 | Green and Yellow | National museum | |||||
| QR 50 | Blue | Furnace in steel factory | |||||
| QR 100 | Olive Green | Qatar Central Bank building | |||||
| QR 500 | Green and Blue | Oil rig | |||||
| Fourth series (2003) | |||||||
|---|---|---|---|---|---|---|---|
| Image | Value | Main Color | Description | Date of | |||
| Obverse | Reverse | Obverse | Reverse | Issue | Withdrawn | ||
| QR 1 | Gray & Blue | Coat of arms of Qatar | A European bee-eater, a crested lark, and a kentish plover. | June 15, 2003 | July 1, 2021 | ||
| QR 5 | Green | National Museum of Qatar, Camel, oryxes | |||||
| QR 10 | Orange | Dhow, Sand Dunes | |||||
| QR 50 | Pink | The Pearl Monument and a view of the Qatar Central Bank building | |||||
| QR 100 | Green & Gold | Old Mosque and Al-Shaqab Institute | June 15, 2009 | ||||
| QR 500 | Blue | Falcon, with a view of the Amiri Diwan of Qatar which serves as the government building for the State of Qatar | |||||
| Revised Fourth series (2007-2008) | |||||||
|---|---|---|---|---|---|---|---|
| Image | Value | Main Color | Description | Date of | |||
| Obverse | Reverse | Obverse | Reverse | Issue | Withdrawn | ||
| QR 1 | Gray & Blue | Coat of arms of Qatar | A European bee-eater, a crested lark, and a kentish plover. | September 15, 2008 | July 1, 2021 | ||
| QR 5 | Green | National Museum of Qatar, Camel, oryxes | |||||
| QR 10 | Orange | Dhow, Sand Dunes | |||||
| QR 50 | Pink | The Pearl Monument and a view of the Qatar Central Bank building | |||||
| QR 100 | Green & Gold | Old Mosque and Al-Shaqab Institute | September 26, 2007 | ||||
| QR 500 | Blue | Falcon, with a view of the Amiri Diwan of Qatar which serves as the government building for the State of Qatar | |||||
| Fifth series (2020) | |||||||
|---|---|---|---|---|---|---|---|
| Image | Value | Main Color | Description | Date of | |||
| Obverse | Reverse | Obverse | Reverse | Issue | Withdrawn | ||
| QR 1 | Green | Flag of Qatar; Dreama flower; gate representing historical Qatari architecture | Traditional Dhow (Bateel) and the Oyster and Pearl Monument | December 18, 2020 | Current | ||
| QR 5 | Brown | Traditional desert scene comprising fauna (Arab horses, Camel, Oryxes), flora (Al Qataf) and ‘hair tent (buryuut hajar) | |||||
| QR 10 | Blue | Lusail Stadium, Torch Tower (Aspire Zone), Sidra Medicine and Education City (Qatar Foundation) | |||||
| QR 50 | Red | Qatar Central Bank building and Ministry of Finance building | |||||
| QR 100 | Cyan | Abu Al Qubaib Mosque | |||||
| QR 200 | Orange | Palace of Sheikh Abdullah bin Jassim Al Thani, Qatar National Museum and Museum of Islamic Art | |||||
| QR 500 | Violet | Ras Laffan LNG refinery and LNG canter ship | |||||
| Commemorative Banknotes | |||||||
|---|---|---|---|---|---|---|---|
| Image | Value | Main Color | Description | Date of | |||
| Obverse | Reverse | Obverse | Reverse | Issue | Withdrawn | ||
| QR 22 | Brown, green, blue, orange, and purple | Doha, Lusail Stadium | Tower, dhow, Al Bayt Stadium, globe | November 9, 2022 | Current | ||
Fixed exchange rate
[edit]The Qatari riyal is pegged to the US dollar at a fixed exchange rate of US$1 = QR 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 QR 3.64, and sets upper and lower limits of QR 3.6415 and QR 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).[6][7][8]
| Current QAR exchange rates | |
|---|---|
| From Google Finance: | AUD CAD CHF CNY EUR GBP HKD JPY USD INR KRW |
| From Yahoo! Finance: | AUD CAD CHF CNY EUR GBP HKD JPY USD INR KRW |
| From XE.com: | AUD CAD CHF CNY EUR GBP HKD JPY USD INR KRW |
| From OANDA: | AUD CAD CHF CNY EUR GBP HKD JPY USD INR KRW |
Note: Rates obtained from these websites may contradict with pegged rate mentioned above
Effect of the 2017 Qatar diplomatic crisis
[edit]In response to the 2017 Qatar diplomatic crisis, banks in the countries blockading Qatar had to stop trading with Qatari banks. This led to a fall in liquidity offshore and a move away from the fixed exchange rate outside of Qatar, with up to QR 3.81 being required to buy 1 US dollar in late June 2017,[9] a situation that continued until December 2017.[10][11]
This also led to cessation of trading of Qatari banknotes outside of Qatar with certain banks in certain countries such as the UK.[12]
Within Qatar itself, however, the Central Bank of Qatar has continued to buy and sell US dollars at the fixed rate.
See also
[edit]References
[edit]- ^ "World Bank Editorial Style Guide 2020 - page 138" (PDF). openknowledge.worldbank.org. Retrieved 2022-08-01.
- ^ "Monetary System in Qatar Historical Background".
- ^ "The Bank Notes of the Qatar and Dubai Currency Board". islamicbanknotes.com. Archived from the original on 18 February 2017. Retrieved 20 April 2018.
- ^ Linzmayer, Owen (2012). "Qatar & Dubai". The Banknote Book. San Francisco, CA: www.BanknoteNews.com.
- ^ Linzmayer, Owen (2012). "Qatar". The Banknote Book. San Francisco, CA: www.BanknoteNews.com.
- ^ Qatar Central Bank: Instructions to Banks, Volume 1
- ^ "Qatar Central Bank - Exchange Rate Policy". www.qcb.gov.qa. Retrieved 20 April 2018.
- ^ Schuler, Kurt (29 February 2004). "Tables of modern monetary history: Asia". Archived from the original on February 19, 2007.
- ^ Torchia, Andrew; Arnold, Tom; Carvalho, Stanley (28 June 2017). "Qatar riyal FX market in chaos but bankers believe peg still solid". CNBC. Archived from the original on 2017-11-07. Retrieved 20 April 2018.
- ^ "Qatar's Key Concern Remains on Funding Side". financialtribune.com. 22 October 2017. Retrieved 20 April 2018.
- ^ "XE: USD / QAR Currency Chart. US Dollar to Qatari Riyal Rates". www.xe.com. Retrieved 20 April 2018.
- ^ Editorial, Reuters (30 June 2017). "Several UK banks stop selling Qatar riyals as diplomatic crisis mounts". reuters.com. Retrieved 20 April 2018.
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External links
[edit]- The banknotes of Qatar (in English and German)
| Preceded by: Saudi riyal Reason: delivery of local currency Ratio: 1.065 Qatari and Dubai riyal = 1 Saudi riyal, or 1 Qatari and Dubai riyal = 1 pre-devalued Gulf rupee |
Currency of Qatar 1966 – 1973 |
Succeeded by: Qatari riyal Reason: withdrawal of Dubai from common currency 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: withdrawal of Dubai from common currency Ratio: at par |
Currency of Qatar 1973 – |
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