Qatari Rial

The currency of Qatar is the Qatari riyal. It is divided into 100 dirhams and is abbreviated as QR (ISO 4217 code: QAR). The riyal has been pegged to the US dollar since 2002 at a rate of 1 US dollar = 3.64 riyals. The history of the Qatari riyal can be traced back to the 19th century. The riyal was first introduced in 1825, replacing the Spanish dollar at a rate of 1 riyal = 6 Spanish dollars. In 1932, the Qatar Currency Board was established and the riyal was pegged to the sterling pound at a rate of 1 pound = 16 riyals. After the collapse of the sterling peg in 1971, the riyal was floated against a basket of currencies. It was then pegged to the US dollar in 1986 at a rate of 1 dollar = 3.64 riyals. This peg was maintained until 2001, when the peg was switched to a basket of currencies. In 2002, the peg was switched back to the US dollar, and has remained at that rate since. The Qatari riyal is a freely convertible currency and is widely accepted in the Gulf region. It is also one of the currencies used in the United Arab Emirates. The Qatari riyal is issued by the Qatar Central Bank. The banknotes are printed by the British firm De La Rue, and the coins are minted by the Royal Mint. The Qatari riyal is a strong currency, and its pegged exchange rate to the US dollar ensures stability. The currency is widely accepted in the Gulf region and is one of the currencies used in the United Arab Emirates.