Qatar has a long history when it is about currency or monetary system. The coin age begun during the era of Uthman caliphate which ran in between 644 to 656 common era or CE. It was vital for trade transections and run for thousands of years till now. However, there were several changes in the types and composition of currency throughout this long history.
One thing Qatar still kept as part of old currency tradition is the name. from the caliphate era to the modern age, their coin has the same name, which is Dirhams. The bimetallic standards of the dirhams, however, got established during the Khalif Omar’s age. Those coins ensure a fix quality and quantity during production of each currencies.
When the monetary history of Qatar is researched, it has been found that this currency was used by the Muslim world for the next 1500 years. The geopolitical correspondences, expansion of international trade and commerce, and interferences of foreign traders and conquerors in the middle eastern zone throughout the time took responsibilities for currency devaluations in Qatar.
Here in this article, we will analyze the history of Qatar currency in depth. We will also see the current exchange rate status of Qatar money against the US dollar and Indian rupees.
Timeline of Qatar currency
Islamic coins also called dirham took a uniform look during the Omar caliphate, when officially sanctioned dirham was made out of pure silver and weighted 3 g. 10 dirham was equivalent to 1 diner, which is also a coin and made up of 22kgold. This coin weighted 4.25g. These coins were the valued means of national and international trade transactions for centuries.
Many relics and historical findings discovered the long usage of these coins by various tribes and nationalities. This proves the widespread usage of middle eastern coins across the world.
The usage of coin is still on the run. Paper currencies have added in this group since 19th century, during the Ottoman empire in Turkey. This was the beginning of printed bank notes and their usage. Although Muslim Sharia law pose an opposition of these paper notes, however, global trade demand surpass that complain eventually.
Here is the timeline of Qatar currency at one glance dated from the beginning of first money issuance.
|TimeLine||Ruler involved||Currency description|
|644-656CE||Uthman Khalifate||Silver dirham was introduced|
|Omar Khalifate||Silver dirham was standardized along with 22k gold diner|
|13th century||Mongol ruler Gaykhatu||Introduced the first paper currency, which was a blooper among merchants. The project was halted within just six months of the first market introduction of this currency.|
|19th century||Ottoman empire from Turkey||Officially introduced the paper currency which was accepted by merchants around the world.|
|1950||British sovereign||Mixed currency was used for trade and commerce which ranged from British sovereign gold coins, Silver Saudi Riyal, Maria Theresa silver thalers, Persian currency, Oman currency and Indian rupee|
|1966||Qatar authority||Qatar used the Indian currency called Indian rupee as their currency. It was called the Gulf rupees|
|1973||Qatar authority||Qatar first issued their own currency as Qatar Riyal|
About Qatar riyal
Official Qatar riyal was sanctioned and introduced on 19th May 1973. Six types of paper currency were released in the market which are: 1,5,10,50,100 and 500 riyals. Qatari riyal was designed with bilingual pattern, where one side of the currency is in English, whereas the other side is in Arabic. Each note is designed with Qatari national landmarks, emblems and Islamic geometric patterns.
Qatari coins on the other hand, ranges from one, five, ten, twenty-five and fifty dirhams. All are bimetallic standard. Where copper-clad steel is used for 1,5 and 1o dirham coins, Nickel-clad steel is used as the building composition of 25- and 50-dirham coins.
Qatar riyal to USD exchange rate
A fixed exchange rate for Qatari riyal against USD is pegged at a rate of US$1 = QAR 3.64. This specific rate was enlisted into Qatari law by the Royal Decree no. 34 of 2001. Declared and signed on 9th July 2001 by the Emir of Qatar, Hamad bin Khalifa Al Thani. The decree also declared the upper and lower limit of this currency exchange rate against US dollar which is QAR 3.6415 at the upper limit and QAR 3.6385 as the lower limit.
Qatar riyal to Indian rupees exchange rate
The exchange rate of Qatar riyal to Indian rupee is pretty straight forward. There was a time in history, specifically, during the year 1966, Qatar used the Indian rupee as gulf rupees as their currencies for merchant trade and commerce. But brief after that 1973, the nation issued their own currency called Qatari riyal. According to the recent currency exchange rate the valuation of one QAR (Qatari riyal) to Indian rupees (INR) is QAR 1 = INR 20.18. the valuation or devaluation often occurs when seen the past currency exchange report between these two nations. This occurs due to various political, economic and other secondary factors.
Current scenario of Qatar money
The recent scenario suggest that Qatari currency is seeing big devaluation in current time. The nation is been a high favored destination for investors all around the world until now due to the GCC crisis. Neighboring Arabic nation like Egypt, Saudi Arabia put certain sanctions to the nation, which push the country to an economic turmoil. As a result, frequent fluctuation of currency is taking place. Due to the pegging of Emiri decree since 2001, such fluctuation cannot go over the head.
However due to the sanction, Saudi Arabia, Bahrain, Egypt and UAE started withdrawing their banks and trades from the nation, putting Doha currency exchange rate into threat. Such political unrest, on the other hand, depriving international banks, financial bodies and foreign investment institutes. The end result is the fear of dollar deficiency in the nation’s bank.
Whether it is the current exchange rate of Qatar riyal to USD or Qatar currency to INR, the current scenario seems to be in disfavor. However, Qatari authority believe that this deficiency is temporary, and the nation will overcome such scenario very soon. Moreover, Central bank of Qatar has a handsome amount of reserved foreign currency, which values $34.5bn, sufficient Qatar currency to battle recent depressions. Additionally, it has been assured that the availability of about $200bn of liquid assets in the nation is more than enough to protect banking sectors in Qatar.
What is the currency for Qatar?
Qatari Riyal (QAR)
What is the current exchange rate of Qatar riyal to USD?
QAR 1 = USD$ 0.27
What is the current exchange rate of QAR to Indian rupees (INR)?
QAR 1 = USD$ 20.13
What is the currency code of Qatar?
The currency code of Qatar is QAR.
What is Dirham?
Monetary unit of Qatar. 100 dirhams = 1 Qatari Rial (QAR).
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