Qatari riyal
From Wikipedia, the free encyclopedia
| Qatari riyal ريال قطري (Arabic) |
|
| ISO 4217 Code | QAR |
|---|---|
| User(s) | Qatar |
| Inflation | 7.2% |
| Source | The World Factbook, 2006 est. |
| Pegged with | U.S. 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 |
| 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).
Contents |
[edit] 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.
[edit] 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.
[edit] Banknotes
In 1966, the Qatar and 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.
[edit] 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[1] [2], which translates to approximately 1 riyal = 0.274725 dollar. This rate was made official in July 2001.
| Use Yahoo! Finance: | AUD CAD CHF EUR GBP HKD JPY USD KRW |
| Use XE.com: | AUD CAD CHF EUR GBP HKD JPY USD KRW |
| Use OANDA.com: | AUD CAD CHF EUR GBP HKD JPY USD KRW |
Note: Rates obtained from these websites may contradict with pegged rate mentioned above
[edit] See also
[edit] References
[edit] External links
- Don's World Coin Gallery - Qatar
- Ron Wise's World Paper Money - Qatar Mirror site
- Tables of Modern Monetary Systems by Kurt Schuler - Asia Mirror site
- The Global History of Currencies - Qatar
- Global Financial Data currency histories table (
Microsoft Excel format)
| 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 – |
Succeeded by: Current |
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