ExchangeRate.com Logo
Login | Register |  My Account |   |   |   |  Suggest XR to your friends Print this page
Exchange Rate Home >> Currency Information >> Qatari Rial

   | Post | View

Qatari Rial Coin Qatari Rial Banknote

The riyal(ISO 4217 code: QAR) is the currency of the State of Qatar. It is divided into 100 dirham and is abbreviated as either QR (English).

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 which was the result of signing the Qatar-Dubai Currency Agreement on 21 March 1966. 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.

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.

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, which translates to approximately 1 riyal = 27.4 cents. This rate was made official in July 2001.

The text on this page has been made available under the Creative Commons Attribution-ShareAlike License and Creative Commons Licenses

Got something to say on this page? Feel free to post your comments ! Please limit your comments to discussions about the subject matter of the content. To report bugs or problems with the ExchangeRate.com web site, please use our contact form here. Thank You!

Quiz #2
  1. What famous canal was built at the narrowest point between the Atlantic and Pacific oceans?
  Atlantic-Pacific Canal
  Transcontinental Canal
  Panama Canal
  Erie Canal
Content, information, data, material, services, or products comprising this web-site may not be published, broadcast, rewritten or redistributed without written permission from ExchangeRate.com Inc.. The information supplied by this web-site is believed to be accurate, but ExchangeRate.com Inc. does not warrant or guarantee such accuracy. Users are always advised to verify information with their financial and accounting advisors or with the appropriate government agencies before relying on any such information. Information contained in this web-site is intended for your personal, non-commercial use. All other uses are expressly unauthorized and prohibited to the maximum extent allowed by law.
Copyright © ExchangeRate.com Inc. 1998 - 2012