The Qatari Riyal has replaced the Gulf Rupee as the official currency of the State of Riyal. Since 1975, the Qatari Riyal has been tied to the US dollar, with a rate of QR 3.64 per USD in place since 1980. In 2001, the Qatari government and the Central Bank of Qatar officially approved this 'peg.' Qatar's currency is denominated in dirhams and abbreviated as QR (English). Outside of Qatar, this money can be exchanged in Middle Eastern countries.
What Does the Qatari Riyal (QAR) Mean
- The Qatari riyal is the currency of the State of Qatar, which is located along the Arabian Peninsula's coast. QAR is the currency code for the Qatari riyal. 100 dirhams make up the Qatari riyal. In English, the money is abbreviated as QR. The rial is another name for the riyal.
- The Qatar Central Bank, whose goals include monetary stability and currency regulatory supervision, issues all Qatar notes and coins.
- The official currency of the State of Qatar is the Qatari riyal. QAR is the currency code, while QR is the abbreviation.
- The QAR is tied to the US dollar at a rate of 3.64 USD/QAR, with a trading range of 3.6385 to 3.6415.
- The Qatar Central Bank is in charge of currency issuance and has regulatory oversight over the currency peg.
- The peg has mostly been maintained both domestically and internationally, though the QAR fell to 3.81 in 2017 (in international markets) after numerous nations severed diplomatic ties with Qatar over terrorism concerns.
Qatar currency fluctuation and bank notes
- In 2017, the riyal's value fluctuated in the offshore market as a result of some foreign countries ceasing to do business with Qatari banks, resulting in a liquidity shortfall that pushed the riyal's value to 3.81 in some overseas markets. The official peg rate of 3.64 remained in place in Qatar at this time and after. During this period, known as the diplomatic crisis, several nations severed diplomatic ties with Qatar and refused to allow Qatar to use their aircraft or sea routes on the grounds that Qatar was sponsoring terrorism.
- There are still countries that do not have diplomatic relations with Qatar as of 2019.
- The USD/QAR exchange rate is 3.64 as of mid-2019, and it has been unchanged since then.
- The Qatari riyal has bill denominations of one, five, ten, fifty, one hundred, and five hundred riyals. One, five, ten, twenty-five, and fifty dirham coins are available.
Convert qatar riyal to inr
Convert Indian Rupee to Qatari Riyal