Qatari riyal

Qatari riyal

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The riyal
Riyal
A riyal is a unit of currency in some countries, and may refer to:* The Hejaz riyal* The Omani rial* The Qatari riyal* The Saudi riyal...

(Arabic
Arabic language
Arabic is a name applied to the descendants of the Classical Arabic language of the 6th century AD, used most prominently in the Quran, the Islamic Holy Book...

: ريال, ISO 4217
ISO 4217
ISO 4217 is a standard published by the International Standards Organization, which delineates currency designators, country codes , and references to minor units in three tables:* Table A.1 – Current currency & funds code list...

 code: QAR) is the currency of the State of Qatar
Qatar
Qatar , also known as the State of Qatar or locally Dawlat Qaṭar, is a sovereign Arab state, located in the Middle East, occupying the small Qatar Peninsula on the northeasterly coast of the much larger Arabian Peninsula. Its sole land border is with Saudi Arabia to the south, with the rest of its...

. It is divided into 100 dirham (درهم) and is abbreviated as either QR (English
English language
English is a West Germanic language that arose in the Anglo-Saxon kingdoms of England and spread into what was to become south-east Scotland under the influence of the Anglian medieval kingdom of Northumbria...

) or ر.ق (Arabic).

History



Until 1966, Qatar used the Indian rupee
Indian rupee
The Indian rupee is the official currency of the Republic of India. The issuance of the currency is controlled by the Reserve Bank of India....

 as currency
Currency
In economics, currency refers to a generally accepted medium of exchange. These are usually the coins and banknotes of a particular government, which comprise the physical aspects of a nation's money supply...

, in the form of Gulf rupee
Gulf rupee
The Gulf rupee, also known as the Persian Gulf rupee , was a currency used in the countries of the Persian Gulf and the Arabian Peninsula between 1959 and 1966...

s
. When India
India
India , officially the Republic of India , is a country in South Asia. It is the seventh-largest country by geographical area, the second-most populous country with over 1.2 billion people, and the most populous democracy in the world...

 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
Saudi riyal
The Riyal is the currency of Saudi Arabia. It is abbreviated as ر.س or SR . It is subdivided into 100 Halalas . The Saudi Ghirsh is 5 Halalas.-History:...

, 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
Dubai
Dubai is a city and emirate in the United Arab Emirates . The emirate is located south of the Persian Gulf on the Arabian Peninsula and has the largest population with the second-largest land territory by area of all the emirates, after Abu Dhabi...

 jointly issued the riyal. However, following Dubai's entrance into the United Arab Emirates
United Arab Emirates
The United Arab Emirates, abbreviated as the UAE, or shortened to "the Emirates", is a state situated in the southeast of the Arabian Peninsula in Western Asia on the Persian Gulf, bordering Oman, and Saudi Arabia, and sharing sea borders with Iraq, Kuwait, Bahrain, Qatar, and Iran.The UAE is a...

, 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. See these coins at
http://www.chiefacoins.com/Database/Countries/Qatar.htm

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
Qatar Central Bank
The Qatar Central Bank is the central bank of Qatar.The Qatar Central Bank was originally the Qatar Monetary Agency , founded on May 13, 1973 after Dubai joined the United Arab Emirates and disengaged itself from British monetary policy which the area had previously followed...

 (QCB) took over the issuance of paper money and continued to issue the same denominations as the Monetary Agency.
Current Series
Image Value Main Colour Description
Obverse Reverse Obverse Reverse
1 Riyal Brown Coat of arms of Qatar
Coat of arms of Qatar
The emblem of Qatar show two crossed white bent swords in a yellow circle. Between the swords there is a sailing ship sailing on blue and white waves beside an island with two palm trees. The circle is surrounded by a round doughnut-shaped object, which is divided horizontally...

Native
Native
The term "native" can have many different social and political connotations in different contexts. In some cases it is a neutral, descriptive term, for example, when stating that one is a native of a particular city or that a certain language is one's native language...

 bird
Bird
Birds are feathered, winged, bipedal, endothermic , egg-laying, vertebrate animals. Around 10,000 living species and 188 families makes them the most speciose class of tetrapod vertebrates. They inhabit ecosystems across the globe, from the Arctic to the Antarctic. Extant birds range in size from...

s
5 Riyal Green National Museum
National museum
A national museum is a museum maintained by a nation.The following is a list of national museums:-Australia:*Australian National Aviation Museum*Australian National Maritime Museum*, Sydney*Australian War Memorial*Museum Victoria...

, Native
Native
The term "native" can have many different social and political connotations in different contexts. In some cases it is a neutral, descriptive term, for example, when stating that one is a native of a particular city or that a certain language is one's native language...

 animal
Animal
Animals are a major group of multicellular, eukaryotic organisms of the kingdom Animalia or Metazoa. Their body plan eventually becomes fixed as they develop, although some undergo a process of metamorphosis later on in their life. Most animals are motile, meaning they can move spontaneously and...

s
10 Riyal Orange Sand dunes
50 Riyal Purple Oyster
Oyster
The word oyster is used as a common name for a number of distinct groups of bivalve molluscs which live in marine or brackish habitats. The valves are highly calcified....

 and Pearl monument
100 Riyal Green & Purple Old Mosque
Old Mosque
The Old Mosque is an old Ottoman mosque in Edirne, Turkey. It was built from the order of Emir Süleyman, and completed under the rule of his brother, Sultan Mehmet I. The mosque is located in the historical center of the city, near the market and close to other prominent historical mosques,...

 and Al-Shaqab Institute
500 Riyal Blue Dhow
Dhow
Dhow is the generic name of a number of traditional sailing vessels with one or more masts with lateen sails used in the Red Sea and Indian Ocean region. Some historians believe the dhow was invented by Arabs but this is disputed by some others. Dhows typically weigh 300 to 500 tons, and have a...

, with a view of the Mosque of the Sheikhs

Fixed exchange rate


In March 1975, the riyal was officially pegged to the IMF
International Monetary Fund
The International Monetary Fund is an organization of 187 countries, working to foster global monetary cooperation, secure financial stability, facilitate international trade, promote high employment and sustainable economic growth, and reduce poverty around the world...

's Special Drawing Rights
Special Drawing Rights
Special Drawing Rights are supplementary foreign exchange reserve assets defined and maintained by the International Monetary Fund . Not a currency, SDRs instead represent a claim to currency held by IMF member countries for which they may be exchanged...

 (SDRs). In practice, it has been fixed at 1 U.S. dollar
United States dollar
The United States dollar , also referred to as the American dollar, is the official currency of the United States of America. It is divided into 100 smaller units called cents or pennies....

 = 3.64 riyal since 1980, which translates to approximately 1 riyal = 27.4 cents. This rate was made official in July 2001.

See also

  • Gulf Rupee
    Gulf rupee
    The Gulf rupee, also known as the Persian Gulf rupee , was a currency used in the countries of the Persian Gulf and the Arabian Peninsula between 1959 and 1966...

  • Cooperation Council for the Arab States of the Gulf
    Cooperation Council for the Arab States of the Gulf
    The Cooperation Council for the Arab States of the Gulf , also known as the Gulf Cooperation Council , is a political and economic union of the Arab states bordering the Persian Gulf and constituting the Arabian Peninsula, namely Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and United Arab Emirates...

  • Economy of Qatar
    Economy of Qatar
    Petroleum is the cornerstone of Qatar's economy and accounts for more than 70% of total government revenue, more than 60% of gross domestic product, and roughly 85% of export earnings. Proved oil reserves of 15 billion barrels should ensure continued output at current levels for 23 years. Oil has...

  • Qatar Central Bank
    Qatar Central Bank
    The Qatar Central Bank is the central bank of Qatar.The Qatar Central Bank was originally the Qatar Monetary Agency , founded on May 13, 1973 after Dubai joined the United Arab Emirates and disengaged itself from British monetary policy which the area had previously followed...


External links