Qatari riyal

Qatari riyal
No machine-readable author provided. B25es assumed (based on copyright claims). · Public domain · source
Name	Qatari riyal
Local name	ريال قطري
Iso code	QAR
Subunit name	dirham
Subunit ratio	1/100
Issuing authority	Qatar Central Bank
Introduced	1966

Qatari riyal is the currency of the State of Qatar and forms the unit of account used in Doha, Qatar National Bank, Bank of England markets and International Monetary Fund reporting. It circulates alongside regional currencies such as the United Arab Emirates dirham and has been referenced in agreements involving the Gulf Cooperation Council, OPEC, Petroleum Development Qatar and international traders dealing with Royal Dutch Shell and TotalEnergies. The currency's role in sovereign wealth management links it to institutions like the Qatar Investment Authority, Sovereign wealth fund discussions and transactions with Goldman Sachs, JPMorgan Chase and Morgan Stanley.

History

The issuance traces to pre-oil monetary arrangements involving the Indian rupee, Gulf rupee and the British Indian Ocean Territory era, transitioning after the 1960s when Qatar introduced its own currency amid changing ties with the British Empire, Trucial States and neighbors such as Bahrain and Saudi Arabia. In the 1970s and 1980s Qatar's petroleum expansion with Qatar Petroleum, British Petroleum and ExxonMobil increased demand for a stable unit, prompting policy coordination with International Monetary Fund missions and comparisons with monetary regimes of the Kuwaiti dinar and Omani rial. The establishment of the Qatar Central Bank formalized issuance previously handled by institutions including the National Bank of Kuwait and the Muscat and Oman Bank during transitional decades. Major economic events such as the 1990s energy contracts with Gazprom and the 2010s hosting of 2010 FIFA World Cup bidders influenced redenomination discussions and fiscal arrangements with European Central Bank observers and World Bank reports.

Design and denominations

Banknotes and coins follow a denomination series influenced by regional norms exemplified by the Saudi riyal and UAE dirham, issued in series comparable to banknotes from the Bank of England and Federal Reserve System in size and anti-counterfeiting ambition. Common banknote denominations include higher units used in trade with Dubai, Abu Dhabi and London banking houses, while coinage mirrors standards from mints such as the Royal Mint and the United States Mint for weight and composition. Design motifs reference national institutions and sites like the Amiri Diwan, Al Zubarah Fort, Museum of Islamic Art and symbols tied to Al Thani family, Emir of Qatar portraits and maritime heritage associated with Pearl diving and historical links to Basra and Muscat. Security design also draws from features found in notes from the Bank of Canada and the Reserve Bank of Australia.

Monetary policy and issuance

Monetary policy is conducted by the Qatar Central Bank, which sets issuance and reserve requirements referencing frameworks used by the European Central Bank, Federal Reserve System and policy advice from the International Monetary Fund. The bank coordinates with fiscal authorities including the Ministry of Finance (Qatar) and investment managers such as the Qatar Investment Authority for liquidity operations involving international counterparts like HSBC, Standard Chartered and Deutsche Bank. Issuance decisions take into account oil and gas revenue streams from North Field project contracts with Chevron and regional price dynamics influenced by OPEC decisions and global markets in Brent crude and Henry Hub.

Exchange rate and convertibility

The currency's external value has historically been managed with reference to the United States dollar peg system and is often compared with currency regimes of Bahrain, Kuwait and Oman. Exchange operations involve major foreign exchange platforms such as Reuters, Bloomberg LP and settlement via SWIFT networks connecting correspondent banks including Citibank, Bank of America and Barclays. Convertibility for trade and capital flows is facilitated under regulations interacting with agreements like those overseen by the International Monetary Fund and by bilateral arrangements with states such as Turkey, China and India for trade invoicing and swaps through institutions like the People's Bank of China and State Bank of India.

Circulation and security features

Circulating issues incorporate security features comparable to those used by the Bank of England, Swiss National Bank and Banco de México including watermarks, security threads, microprinting and optically variable inks. Distribution and cash logistics operations engage cash handling firms and clearinghouses tied to Qatar Central Securities Depository and international transport by companies working with DHL, Brink's and armored carriers servicing central branches in Doha and regional centers such as Al Khor and Al Wakrah. Anti-counterfeiting cooperation includes information sharing with agencies like Interpol and training exchanges with the European Central Bank’s anti-fraud units.

Commemorative and collector coins/notes

Commemorative issues mark events such as national celebrations of the National Day (Qatar), diplomatic milestones with states like France, United Kingdom and sporting events linked to the FIFA World Cup 2022. Collector series are produced in coordination with mints and cultural institutions similar to releases by the Royal Mint and feature themes celebrating the Museum of Islamic Art, Sheikh Faisal Bin Qassim Al Thani Museum collections and heritage sites like Al Jassasiya. These issues attract collectors and investors who trade through numismatic dealers, auction houses such as Sotheby's and Christie's and specialist markets monitored by institutions like the International Numismatic Council.

Category:Currencies of Qatar