Qatari Rial (QAR)

Currency name

Qatari Rial

QR

QAR exchange rates

 USD INR CAD PKR GBP EUR NGN AUD
From QAR0.27424 23.14340 0.38630 76.22380 0.21714 0.26019 469.04400 0.42405
To QAR3.64650 0.04321 2.58865 0.01312 4.60535 3.84341 0.00213 2.35819

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NameQatari rial (QAR)
SymbolQR
Minor UnitDirham
Minor Unit Symbolد.إ
Notes Freq Used10, 50, 100 riyals
Coins Freq Used1, 5 dirhams
Central BankQatar Central Bank
UsersQatar

Facts Table for Qatari rial (QAR)

The currency used in Qatar is the Qatari Riyal, where the QAR to USD rate is notably prominent. Riyals are represented by the currency code QAR and the symbol ﷼.

Before 1966, Qatar employed the Indian rupee in the form of Gulf rupees. However, when India devalued the rupee in 1966, Qatar and other states using the Gulf rupee decided to establish their independent currency.

Initially, Qatar briefly adopted the Saudi Riyal, but subsequently introduced the Qatar and Dubai riyal following the signing of the Qatar-Dubai Currency Agreement in March 1966. Initially pegged to sterling at one shilling and sixpence per riyal, its value changed to one shilling and ninepence after the devaluation of sterling in 1967, maintaining its value in relation to gold.

Qatari Riyal Modern History

After Dubai became part of the United Arab Emirates, Qatar commenced issuing the Qatari Riyal independently from Dubai in May 1973. The previous notes circulated alongside the new ones for a 90-day transition period before being withdrawn.

Coins denominated in the name of Qatar and Dubai were introduced in 1966 for 1, 5, 10, 25, and 50 dirhams. Later, in 1973, a new series of coins with similar sizes and compositions was introduced but only under the name of Qatar. Presently, only 25 and 50 dirham coins are in circulation, while smaller coins remain legal tender.

Qatari Riyal relationship to the US Dollar

The Qatari riyal is pegged at a fixed exchange rate of US$1 = QR 3.64. This rate was formally established into Qatari law through Royal Decree No.34 of 2001, signed by Hamad bin Khalifa Al Thani, Emir of Qatar, on 9 July 2001.

This decree outlines specific articles: Article (1) specifies the Qatari riyal exchange rate against the US dollar at QR 3.64 and sets upper and lower limits for the Qatar Central Bank's purchase and sale of dollars. Article (2) grants authority to the Qatar Central Bank to determine the volume, timing, conditions, and associated terms for sales and payments of US dollars. Lastly, Article (3) annuls the earlier Royal Decree No.60 of 1975 that had officially tied the riyal to the IMF's special drawing rights (SDRs).

All Qatari rial Exchange Rates