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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.
|1 riyal||Grey||Coat of arms of Qatar||Native birds|
|5 riyals||Green||National Museum, Native animals|
|10 riyals||Orange||Sand dunes|
|50 riyals||Pink||The Pearl Oyster Monument and a view of the Qatar Central Bank building|
|100 riyals||Green & Gold||Old Mosque and Al-Shaqab Institute|
|500 riyals||Blue||Falcon, with a view of the Amiri Diwan of Qatar which serves as the government building for the State of Qatar|
Fixed exchange rate
The Qatari riyal is pegged to the US dollar at a fixed exchange rate of $1 USD = 3.64 QR. 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 3.64, and sets upper and lower limits of 3.6415 QR and 3.6385 QR 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
|Current QAR exchange rates|
|From Google Finance:||AUD CAD CHF EUR GBP HKD JPY USD INR KRW|
|From Yahoo! Finance:||AUD CAD CHF EUR GBP HKD JPY USD INR KRW|
|From XE.com:||AUD CAD CHF EUR GBP HKD JPY USD INR KRW|
|From OANDA:||AUD CAD CHF EUR GBP HKD JPY USD INR KRW|
|From fxtop.com:||AUD CAD CHF 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
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 3.81 riyals being required to buy 1 US dollar in late June 2017, a situation that continued until December 2017
This also led to cessation of trading of Qatari banknotes outside of Qatar with certain banks in certain countries such as the UK.
Within Qatar itself, however, the Central Bank of Qatar has continued to buy and sell US dollars at the fixed rate.