The Qatari Riyal, abbreviated as QAR and represented by the symbol ر.ق, is the official currency of the State of Qatar. It is the legal tender used for all financial transactions in Qatar, and it is also accepted in some neighboring countries in the Arabian Gulf region. Here is some key information about the Qatari Riyal:
- Denominations: The Qatari Riyal is subdivided into 100 smaller units called Dirhams. Coins are issued in various denominations, including 1, 5, 10, 25, 50 Dirhams, and 1 Riyal. Banknotes are issued in denominations of 1, 5, 10, 50, 100, and 500 Riyals.
- Central Bank: The Qatar Central Bank (QCB), also known as the Qatar Central Bank, is responsible for issuing, regulating, and managing the Qatari Riyal.
- Currency Code: The ISO 4217 currency code for the Qatari Riyal is QAR.
- Historical Context: The Qatari Riyal has been the official currency of Qatar since 1973 when it replaced the Gulf Rupee, which was in use during the British colonial period.
- Pegged Exchange Rate: The Qatari Riyal is pegged to the United States Dollar (USD) at a fixed exchange rate. The exchange rate has been maintained at 1 USD = 3.64 QAR since 2001, providing stability to the country’s economy and financial transactions.
- International Use: While the Qatar’s Riyal is primarily used in Qatar, it is not widely accepted as a global currency. Travelers and businesses visiting Qatar typically exchange their currency for Riyals upon arrival.
- Currency Symbol: The currency symbol ر.ق or QR is commonly used to represent the Qatari Riyal.
- Banknotes and Coins: Qatari Riyal banknotes feature various designs, including images of important landmarks, cultural symbols, and historical figures associated with Qatar. Coins are made of various metals and are used for smaller transactions.
- Economic Significance: Qatar’s currency, the Riyal, is closely tied to the nation’s oil and gas industry, which is a major source of revenue for the country. The stability of the Riyal’s exchange rate is important for Qatar’s economy and foreign trade.
- Foreign Exchange: The exchange rate between the Qatar’s Riyal and other currencies is influenced by the peg to the U.S. Dollar. Travelers and businesses can exchange their foreign currency for Qatari Riyals at banks, currency exchange offices, and ATMs in Qatar.
In conclusion, the Qatar’s Riyal is the official currency of Qatar and plays a central role in the country’s financial and economic activities. Its stable exchange rate and various denominations make it a practical and reliable currency for both residents and visitors in Qatar.