Currency Rates for Qatari Riyal
Currency Exchange Rates for Qatari Riyal. Currency Information on QAR for State of Qatar- ر.ق. The foreign exchange currency code for QAR represents the Qatari Riyal exchange rate.
The riyal was introduced in 1966, replacing the Gulf rupee, which had declined in value.
GBP to QAR -
The evolution of Qatari riyal has witnessed various ups and downs. While coded as QAR in English, the currency was officially launched in the year of 1966. Earlier, the state used Gulf rupee as its national currency which was just another form of the Indian rupee. Following the devaluation of Indian rupee by the then Indian government in 1966, Qatar temporarily adopted Saudi riyal as its new currency for a while. Then during the same year, after entering into a currency agreement with Dubai, a new Qatar and Dubai riyal was introduced as a joint currency for both the states. The joint currency continued until 1973 when Qatar separated Qatari riyal from Dubai following Dubai's joining the United Arab Emirates.
During the period Of 1966 -73, the Qatar and Dubai Currency Board had introduced several coins and currency notes. The coins were named as dirhams and the currency notes were called riyals. The coins included 5, 10, 25 and 50 dirhams, while the riyal included 5, 10, 25, 50, and 100 currency notes. After quitting the Qatar and Dubai Currency Board in 1973, the Qatar government established the Qatar Monetary Agency to control and monitor the monetary affairs of the state. The agency continued the same existing coins and notes, but now in the name of the Arab state of Qatar. Following the establishment of the Qatar Central Bank in August 1973, the Qatar Monetary Agency was replaced by the bank, thus taking control over all the coins and currency notes circulating in the state.
The most salient feature of Qatari riyal is its fixed exchange rate. QAR has been strictly pinned to the US dollar with 1 USA dollar equal to 3.64 QR under a royal decree in 2001. The riyal remains stable while fluctuating in the range of 3.6415 QR and 3.6385 QR when the Qatar Central Bank makes transactions with other banks operating in Qatar.
The last word, QAR is one of the most stable currencies in the world due to its fixed exchange rates with the US dollar. it indicates the stable economy of the state.
The country briefly adopted the Saudi riyal, whilst transitioning between currencies and once, introduced the Qatari riyal was equal to the to the Gulf rupee, before it had devalued.
Send Money Transfer to State of Qatar. Coins are available in denominations of 1, 5, 10, 25 and 50 dirhams, whilst banknotes are available in denominations of 1, 5, 10, 50, 100 and 500 riyals.