Background on the Qatari Riyal (QAR)
The Qatari Riyal, with the currency code QAR and abbreviation QR, is the official currency of Qatar – a small country located along the Arabian Peninsula. The riyal consists of 100 dirhams. The pegged relationship between the US dollar (USD) and the riyal is at a rate of 1 USD to 3.64 QAR, with a permissible fluctuation band ranging from 3.6385 to 3.6415 riyals per one USD. The Qatar Central Bank (QCB), which was founded in 1973, plays a significant role in overseeing the issuance and regulatory control of the currency.
In 1973, the riyal replaced the Qatar and Dubai riyal that came into use back in 1966 when both countries decided to issue their currencies separately. The Indian rupee was the predecessor to these two currencies due to India’s currency devaluation at the time. Since then, the pegged exchange rate has been a crucial element of Qatar’s monetary policy, with oil and natural gas industries contributing significantly to its gross domestic product (GDP). The stability provided by the USD peg helps insulate Qatar from potential economic shocks that commodity prices may otherwise cause.
The Qatari riyal features denominations for both bills and coins. Bills are issued in denominations of one, five, ten, 50, 100, and 500 riyals. Coins come in denominations of one, five, ten, 25, and 50 dirhams.
Historically speaking, the Qatari riyal’s exchange rate has remained relatively stable due to its pegging to the USD. However, external factors have impacted its value in the past. In particular, during 2017 when several countries severed diplomatic ties with Qatar on allegations of supporting terrorism, the riyal experienced a temporary drop to 3.81 in offshore markets while maintaining the official peg rate domestically.
For those traveling to Qatar, understanding the currency exchange process is important. Although the pegged exchange rate appears straightforward, banks and currency exchange services typically charge service fees. These fees are factored into the offered exchange rate, resulting in a lower return for travelers compared to the official pegged rate. To calculate the actual amount received upon returning home, one needs to factor in these service charges.
In conclusion, the Qatari riyal is an integral part of both Qatar’s economy and financial system. With a long history, stable exchange rate, and various denominations, understanding the ins and outs of this currency can prove valuable for those traveling or doing business within Qatar and the broader Middle East region.
Currency Composition and Denominations
The Qatari riyal (QAR) is a valuable currency in the Middle East and has been an integral part of the State of Qatar since its introduction in 1973. The Qatari riyal replaced the pre-existing currencies, including the Qatar and Dubai riyal, and has remained as the official currency ever since. The QAR is pegged to the U.S. dollar at a rate of 1 USD = 3.64 QAR, making it one of the most stable currencies in the region.
The Qatari Central Bank oversees the issuance and regulation of the Qatari riyal. The bank’s primary objectives include maintaining monetary stability and controlling the currency to ensure its value remains consistent with international economic standards.
The denominations of the Qatari riyal come in various forms, both as bills and coins. The bills have denominations ranging from 1, 5, 10, 50, 100, and 500 riyals, while coins consist of one, five, ten, 25, and 50 dirhams. The designs of the banknotes and coins feature elements reflecting Qatar’s rich history and culture.
Bills:
One Riyal (1 QR) – This bill is beige in color with a portrait of Sheikh Jassim Bin Muhammad Al Thani, one of the country’s most important historical figures. The bill also includes various architectural designs and geometric shapes on the reverse side.
Five Riyals (5 QR) – The five riyal note is blue in color and has a portrait of Sheikh Hamad bin Khalifa Al Thani, who served as the Emir of Qatar from 1995 to 2013, on its front side. The reverse side displays the Doha Corniche and traditional boats called dhow.
Ten Riyals (10 QR) – This note is green and features a portrait of Sheikh Hamad bin Khalifa Al Thani with an image of the famous Souq Waqif on the reverse side.
Fifty Riyals (50 QR) – The fifty riyal note is purple, featuring a portrait of Sheikh Tamim Bin Hamad Al Thani, the current Emir of Qatar. A mosque and the desert landscape are depicted on its reverse side.
One Hundred Riyals (100 QR) – This note is brown in color with a portrait of Sheikh Mohammed bin Abdullah Al Thani, another influential historical figure from Qatar, on its front side. The reverse side displays traditional palm trees and pearl diving scenes.
Five Hundred Riyals (500 QR) – The 500 riyal note is yellow, featuring a portrait of Sheikh Abdullah bin Jassim Al Thani, the founder of modern-day Qatar, on its front side. The reverse side displays the National Museum of Qatar and ancient ruins.
Coins:
One Dirham (1 DH) – These coins have a portrait of Sheikh Hamad bin Khalifa Al Thani or Emir Tamim Bin Hamad Al Thani on their heads. They come in three different designs with the Arabic year, denomination, and the year of minting displayed on the reverse side.
Five Dirhams (5 DH) – These coins have a portrait of Sheikh Jassim Bin Muhammad Al Thani or Emir Tamim Bin Hamad Al Thani on their heads, along with designs representing traditional Qatari arts and crafts such as falconry and weaving. The reverse side includes the Arabic year, denomination, and the year of minting.
Ten Dirhams (10 DH) – These coins feature a portrait of Sheikh Hamad bin Khalifa Al Thani or Emir Tamim Bin Hamad Al Thani on their heads and various designs symbolizing Qatar’s heritage and culture. The reverse side displays the Arabic year, denomination, and the year of minting.
Twenty-Five Dirhams (25 DH) – These coins feature a portrait of Sheikh Hamad bin Khalifa Al Thani or Emir Tamim Bin Hamad Al Thani on their heads and designs depicting Qatar’s natural beauty, such as the desert landscape, palm trees, and traditional boats called dhows. The reverse side displays the Arabic year, denomination, and the year of minting.
Fifty Dirhams (50 DH) – The 50 dirham coin is larger in size than other coins and features a portrait of Sheikh Hamad bin Khalifa Al Thani or Emir Tamim Bin Hamad Al Thani on its obverse side. The reverse side displays various designs representing Qatar’s natural resources, such as oil rigs and gas fields.
In summary, the Qatari riyal is a stable currency with denominations in both bills and coins that cater to various transactions. Its rich history and culture are beautifully reflected in its designs, making it an essential part of daily life for residents and a valuable asset for travelers visiting this fascinating country.
The Currency Peg and Its Benefits
The Qatari riyal (QAR), with a currency code QAR and abbreviation QR, is pegged to the U.S. dollar (USD). The exchange rate of 1 USD to 3.64 QAR has remained consistent since 2001, as stated in a royal decree, allowing fluctuations within a narrow band between 3.6385 and 3.6415 riyals per US dollar.
This currency pegging strategy offers significant economic advantages for the oil-rich nation of Qatar, whose economy heavily relies on commodities such as natural gas and oil, both priced in USD. The pegging mechanism helps mitigate potential shocks caused by volatile commodity prices, ensuring monetary stability. In fact, over 60% of the country’s gross domestic product (GDP) comes from this sector.
Let us delve deeper into the implications of a currency pegged to the US dollar for Qatar:
1. Economic Security: The Qatari riyal’s pegging to the USD has proven effective in protecting its economy from external shocks, as the value of the country’s primary commodities is denominated in dollars.
2. Inflation Control: The pegging mechanism also helps stabilize prices and control inflation, ensuring a consistent cost of living for Qatar’s population.
3. Trade Facilitation: A stable currency enhances trade by creating predictability for both domestic and foreign investors.
4. Investor Confidence: By maintaining a stable exchange rate, Qatar attracts foreign investment, making it an attractive destination for businesses.
5. Import Prices: The fixed exchange rate makes imports more expensive since the cost in dollars is converted into riyals at a set exchange rate. This may lead to slower import growth.
6. Interest Rates: Since the central bank adjusts interest rates based on USD rates, the pegging can impact borrowing costs for consumers and businesses, making it essential for the Qatar Central Bank to maintain an appropriate balance between price stability and economic growth.
The currency peg has held strong throughout various challenges, including the diplomatic crisis in 2017 when several countries cut ties with Qatar due to alleged terrorism links. Despite this external pressure, the official exchange rate remained unchanged within Qatar at 3.64 riyals per dollar. However, the offshore market saw a shift in value, with the riyal dropping to 3.81 against the USD. The central bank maintained control over the domestic currency rate despite these fluctuations.
Understanding the benefits of the pegged exchange rate for Qatar’s economy is crucial for foreign travelers and investors alike. Travelers should be aware that while the official exchange rate is set at 3.64 riyals per dollar, banks and currency exchange services may charge a service fee, leading to a slightly lower exchange rate for consumers. This difference can impact the amount of money they receive upon arrival or when converting their leftover Qatari riyals back into US dollars.
History of the Qatari Riyal: Replacing Previous Currencies
The Qatari Riyal, with the currency code QAR and abbreviation QR, has been in use as the official currency of the State of Qatar since 1973. It replaced earlier currencies, such as the Qatar and Dubai riyal, which came into force in 1966. This section will explore the historical background of the Qatari Riyal, including key events that led to its emergence and how it differed from the currencies that preceded it.
Before the Qatari Riyal, the Indian rupee served as a currency in Qatar until 1966 when the Qatar and Dubai riyal was introduced. The introduction of this new currency was due to India’s devaluation of its currency earlier that year, prompting Qatar to seek alternatives. However, the Qatari Riyal and the Dubai Riyal shared a common origin as they were both based on the Gulf Rupee, which had circulated in the region since the late 1950s.
In 1973, following the separation of Dubai from Qatar, the latter began to issue its riyal independently. The Qatari Riyal replaced the Indian rupee and became the official currency of the country. During this time, one USD was pegged to 3.64 QAR, which has remained the case since 2001 when the pegging was officially written into law by a Royal Decree. This fixed exchange rate is maintained within a band between 3.6385 and 3.6415 riyals per USD.
The pegging of the Qatari Riyal to the U.S. dollar has proven beneficial for Qatar due to its heavy dependence on commodities, particularly oil and natural gas. This arrangement reduces potential economic shocks as these commodity prices are denominated in US dollars. The oil and gas industry contributes significantly to Qatar’s Gross Domestic Product (GDP), making up the majority of its economy.
Understanding the historical context surrounding the emergence of the Qatari Riyal offers valuable insight into the monetary policies that have shaped Qatar’s financial landscape. The currency’s pegging to the U.S. dollar has proven crucial for maintaining economic stability and facilitating global trade in this important region.
Currency Fluctuation during Diplomatic Crises
The Qatari riyal (QAR), which has been pegged to the U.S. dollar since 2001, has seen some fluctuations during times of political tension, particularly in 2017 when several countries cut diplomatic ties with Qatar due to allegations of terrorism support. The currency, whose official exchange rate is USD/QAR 3.64, was affected by a liquidity crisis following the diplomatic rift.
The Diplomatic Crisis of 2017
In June 2017, several countries including Saudi Arabia, Egypt, United Arab Emirates (UAE), and Bahrain severed diplomatic relations with Qatar, accusing it of supporting terrorism. As a result, the riyal saw a sharp decline in value in foreign markets, dropping to around 3.81 against the USD. In contrast, the exchange rate within Qatar remained at the pegged level of 1 USD = 3.64 QAR. The divergent exchange rates created challenges for travelers and businesses dealing with transactions involving both regions.
Impact on Travelers and Investors
For travelers planning to visit Qatar, this discrepancy meant they would receive less cash in return when exchanging their dollars at home compared to the official exchange rate of 3.64. Additionally, those living or conducting business within Qatar could see an increase in the cost of imports due to the stronger value of the Qatari riyal against other currencies.
The Solidarity and Stability Agreement (2021)
In January 2021, Saudi Arabia, Egypt, UAE, and Bahrain signed a “solidarity and stability” agreement, with the goal of ending the diplomatic crisis. Since then, foreign exchange markets have largely normalized, and the value of QAR has returned to the pegged level in most cases.
Understanding Currency Pegging and its Benefits
Currency pegging refers to the practice of fixing a currency’s exchange rate to another currency or commodity. In the case of Qatar, this was done to minimize economic risks associated with fluctuations in oil and natural gas prices. The pegged exchange rate offers several benefits:
1. Stability: A stable currency makes it easier for businesses to plan and operate in a predictable economic environment.
2. Confidence: A stable currency can help boost investor confidence, which is essential for attracting foreign investment and encouraging economic growth.
3. Reduced Inflation: With a pegged exchange rate, the country’s central bank can better control inflation by setting interest rates.
4. Economic Development: By keeping the currency value steady, it allows Qatar to focus on developing its industries, such as tourism, real estate, and financial services, without worrying about constant currency fluctuations impacting their competitiveness.
In conclusion, while currency pegging can provide several benefits, it is essential to be aware of potential risks, particularly when external factors such as diplomatic crises arise. These situations can cause discrepancies between the official exchange rate and market value, which may impact travelers and investors. Nonetheless, understanding the reasons behind the pegged exchange rate and its implications can help individuals make informed decisions regarding their finances and investment strategies in Qatar.
Exchanging Qatari Riyals: Currency Exchange Services
When visiting Qatar for business or tourism purposes, it is essential to understand how and where to exchange your currency to Qatari riyals (QAR). This section provides a comprehensive overview of the available methods, service fees, travel considerations, and GDP calculations.
Firstly, Qatari riyals can be exchanged at various authorized banks or dedicated currency exchange services throughout Qatar and abroad. It is crucial to remember that when you exchange your money for QAR, there will be a service charge added to the exchange rate offered by the bank or exchange bureau. This fee typically ranges from 3% to 5%, which impacts the total amount of Qatari riyals you receive upon the completion of the transaction. For example, if you want to exchange $1,000 for QR, assuming an exchange rate of 1 USD = 3.64 QAR and a service charge of 4%, your total cost will be around $955.71, which results in approximately QR3,460.
Secondly, when traveling to Qatar, it is essential to consider the exchange rates provided by banks versus those offered at currency exchange services. Although banks often have lower service charges and offer competitive exchange rates, they might not always be accessible during weekends or holidays. In contrast, dedicated currency exchange bureaus may charge higher fees but provide more flexibility in terms of hours of operation.
Thirdly, it is vital to understand that the official QAR exchange rate does not apply when using a bank or exchange service. Instead, you will receive a different exchange rate due to the added service charges. For instance, if you convert $1,000 at an exchange rate of 3.64 (the official rate), you would typically receive QR3,460, but with the standard 4% service fee, your net amount will be QR3,328.
Lastly, calculating Gross Domestic Product (GDP) in riyals requires a conversion of USD to QAR based on the official exchange rate. For instance, as of Aug. 14, 2022, the GDP of Qatar is $179.6 billion. To convert this amount into QAR, you would multiply it by the official exchange rate: 179.6 billion * 3.64 = approximately QR650.81 billion.
The Pegged Exchange Rate: USD/QAR
The Qatari riyal’s exchange rate is fixed at a value of 1 USD to 3.64 QAR, making it an important factor for both travelers and investors. In this section, we delve deeper into the significance of this pegged exchange rate, its stability, and its implications.
The pegging of the Qatari riyal to the U.S. dollar (USD) was officially established in 2001 through a Royal Decree. This decision is crucial as the country’s economy relies heavily on commodities like oil and natural gas, which are predominantly traded in U.S. dollars. The pegging system ensures that exchange rate fluctuations do not pose significant economic shocks to Qatar, given the dependence of its GDP on the oil and gas industry.
The pegged exchange rate is maintained within a specific band, with the lower limit being 3.6385 riyals per USD, and the upper limit being 3.6415 riyals per USD. This system provides stability to both domestic and international markets by eliminating currency risks.
For travelers visiting Qatar, understanding the exchange rate is vital for managing their finances effectively during their trip. While the official rate is $1 = 3.64 QAR, it’s essential to note that banks and currency exchange services typically charge a service fee ranging from 3% to 5%. This fee is factored into the exchange rate they provide to clients, meaning travelers receive less than the stated exchange rate for their purchases.
For instance, let’s assume a traveler exchanges $1,000 and receives QR3,640, according to the official rate. However, due to the service fee, they will likely receive only QR3,460 when exchanging in banks or currency exchange services, resulting in a loss of approximately 5%.
When it comes time for travelers to convert their remaining Qatari riyals back into USD upon returning home, they may face a similar situation. In this case, the official rate remains unchanged at 1 USD = 3.64 QAR. To find the equivalent amount in USD, divide 1 by 3.64, giving a rate of 0.274725. With banks and currency exchanges still charging their service fee, travelers can expect a lower exchange rate closer to $0.261 instead of $0.274725 when converting back.
So, if the traveler had QR1,500 remaining for conversion, they would receive approximately $391.5 instead of the expected $412.09 when factoring in a typical 5% service fee.
Additionally, it is essential to note that not all countries use riyals; however, some do. Qatar and Saudi Arabia are notable examples, but Iran, Oman, and Yemen also utilize their respective national riyals. This information can be valuable for travelers planning trips to these countries or for investors considering investments in economies linked to the riyal.
In summary, understanding the pegged exchange rate of the Qatari riyal (QAR) to the U.S. dollar is crucial for both travelers and investors alike. This system provides stability, reducing the potential impact of exchange rate fluctuations on domestic and international markets. However, it’s essential to be aware of the service fees charged by banks and currency exchanges when converting currency, as these charges can significantly affect the actual exchange rate received.
FAQ:
Q: What is the exchange rate for 1 USD to QAR?
A: The fixed exchange rate for 1 USD to QAR is 3.64.
Q: Which countries use riyals as their currency?
A: Qatar, Saudi Arabia, Iran, Oman, and Yemen are some of the countries that use riyals as their national currency.
Currency Use in Qatar and Surrounding Countries
The Qatari riyal is widely used not only in Qatar but also by neighboring countries in the region. It shares its name with other currencies that use the term “rial” or “riyal,” such as those of Saudi Arabia, Iran, Oman, and Yemen. While each currency has a distinct identity, the similarities between these riyals can create some regional considerations for travelers and investors.
Several countries in the region share historical ties to Qatar, which has influenced their currencies’ evolution. For instance, before Qatar started issuing its own riyal, it utilized the Saudi riyal and, even earlier, the Gulf rupee. These historical connections mean that some countries accept or exchange Qatari riyals for their currencies.
Among those sharing a riyal currency with Qatar is Iran. Although their economies differ significantly in structure and focus, both countries have maintained this monetary link despite geopolitical differences. Iran’s rial has fluctuated wildly compared to the pegged Qatari riyal due to its volatility and economic instability. In contrast, Qatar’s currency stability attracts foreign investors seeking a secure investment environment.
Saudi Arabia is another significant player in the region using a riyal currency. However, the Saudi Arabian riyal (SAR) floats against major currencies like the USD and the Euro, unlike the pegged Qatari riyal. The Saudi riyal’s exchange rate can shift significantly due to oil prices, economic policies, and geopolitical events. This difference in currency regimes makes it essential for travelers and investors to understand the implications of dealing with each currency when traveling or investing.
Oman also shares a historical connection to Qatar through its previous use of the Qatari riyal before issuing its own Omani rial. Though they have different currencies, both countries maintain diplomatic, economic, and cultural ties that can lead to mutual acceptance of their respective currencies.
Yemen, which faces ongoing political instability and economic challenges, has at times used the Qatari riyal informally as an alternative currency within its borders. This usage is due in part to Yemen’s limited access to formal banking services and the Saudi riyal’s difficulty in reaching remote areas. In such cases, the acceptance of another country’s currency can serve a practical purpose for individuals and businesses involved in cross-border trade or transactions.
Understanding the regional use of riyals is crucial for travelers seeking the best exchange rates when visiting countries like Iran and Saudi Arabia. The potential fluctuations of these currencies can significantly impact their savings or spending while abroad. Similarly, investors looking to diversify their portfolio can benefit from studying the implications of holding assets denominated in these different riyal currencies.
As the regional economic landscape shifts, it’s possible that we could see new currency arrangements or partnerships emerging among countries using the riyal. With a focus on maintaining financial stability and fostering cross-border cooperation, such developments could lead to an increasingly interconnected monetary system within the Middle East and beyond.
Qatari Riyal Designs and Security Features
The Qatari Riyal is a beautiful currency with intricate designs on both sides of each banknote and coin denomination. These elements not only add aesthetic value but also serve as essential security features. Let’s dive into the design details and advanced security measures that make each QAR banknote and coin unique.
Banknotes:
1 Riyal (One Riyal) – The one riyal note is blue in color with an image of Sheikh Abdullah bin Jassim Al Thani, the first Emir of modern-day Qatar, on the obverse side. The reverse displays various national symbols such as the National Museum and the Al Khor Fortress. Microprinting, watermarks, and holograms are essential security features that prevent counterfeiting attempts.
5 Riyals (Five Riyals) – The five riyal note is green in color with Sheikh Hamad bin Jassim Al Thani, the current Emir of Qatar, on the obverse side. On the reverse, you can find several landmarks like the Doha Corniche and Al Zubara Fortress. Similar to the one-riyal note, this denomination has microprinting, watermarks, and holograms as security features.
10 Riyals (Ten Riyals) – The ten riyal note is brown in color with images of Sheikh Jassim bin Mohamed Al Thani, the founder of Doha, on the obverse side. On the reverse, you will notice the Al Fateh Mosque and other cultural symbols of Qatar. This denomination features a windowed microprint and security thread to maintain authenticity.
50 Riyals (Fifty Riyals) – The fifty riyal note is yellow in color with an image of Sheikh Abdullah bin Jassim Al Thani on the obverse side. The reverse side showcases the Emir Ghanim Bin Ahmad Al Thani Mosque and other important cultural structures. This denomination includes a transparent window and a watermark band to ensure its integrity.
100 Riyals (One Hundred Riyals) – The one hundred riyal note is red in color with Sheikh Hamad bin Jassim Al Thani on the obverse side. On the reverse, you can find the Museum of Islamic Art and other iconic landmarks like the Doha Corniche. This denomination has a holographic strip that runs across the note, adding an extra layer of protection.
500 Riyals (Five Hundred Riyals) – The five hundred riyal note is purple in color with Sheikh Abdullah bin Jassim Al Thani on the obverse side. On the reverse, you will notice the Education City and various national symbols. This denomination features a magnetic strip to make counterfeiting more challenging.
Coins:
1 Dirham (One Dirham) – The one dirham coin is made of brass and features a traditional Arabic inscription on the obverse side, which reads “Allah Akbar” (God is great). The reverse displays the State Emblem of Qatar. Security features include a raised edge, microprinting, and magnetic properties.
5 Dirhams (Five Dirhams) – This coin is silver-colored and has Sheikh Hamad bin Khalifa Al Thani on the obverse side along with an Arabic inscription meaning “Qatar.” On the reverse, you will notice a depiction of the National Museum and the year 2005. Security features include a hologram on the coin’s edge and magnetic properties.
10 Dirhams (Ten Dirhams) – The ten dirham coin is made of bi-metallic material with a copper core and silver plating. On the obverse, you can find Sheikh Abdullah bin Jassim Al Thani. The reverse side has an image of a falcon with Qatar’s national emblem. Security features include microprinting and magnetic properties.
25 Dirhams (Twenty-Five Dirhams) – This coin is silver-colored and has Sheikh Hamad bin Khalifa Al Thani on the obverse side along with an Arabic inscription meaning “Qatar.” The reverse side displays a camel design with Qatar’s national emblem. Security features include microprinting and magnetic properties.
50 Dirhams (Fifty Dirhams) – The fifty dirham coin is made of silver and has Sheikh Abdullah bin Jassim Al Thani on the obverse side, along with an Arabic inscription meaning “Qatar.” On the reverse side, you will notice a depiction of the Souq Waqif. Security features include microprinting and magnetic properties.
In conclusion, the Qatari Riyal’s designs and security features are not only visually appealing but also serve to prevent counterfeiting attempts. These intricate elements reflect the cultural pride of this Arabian Peninsula nation while ensuring trust in its currency.
Frequently Asked Questions (FAQ)
1. What is the official currency of Qatar and what is its code?
Answer: The Qatari Riyal (QAR) is the official currency of the State of Qatar, with a currency code of “QAR.”
2. How is the Qatari riyal abbreviated?
Answer: The abbreviation for the Qatari riyal is “QR.”
3. What exchange rate does the Qatari riyal have with the US dollar (USD)?
Answer: The Qatar Central Bank has set a fixed exchange rate of 1 USD/QAR = 3.64 since 2001, which allows the Qatari riyal to fluctuate within a band between 3.6385 and 3.6415 riyals per USD.
4. Who is responsible for issuing and regulating the Qatari riyal?
Answer: The Qatar Central Bank oversees the issuance of currency in Qatar and has regulatory control to maintain the currency peg.
5. What are the denominations of Qatari Riyal bills and coins?
Answer: The Qatari riyal is made up of 100 dirhams. Bills have denominations of one, five, ten, fifty, one hundred, and five hundred riyals. Coins are available in one, five, ten, 25, and 50 dirhams.
6. What happened to the value of the Qatari riyal during the diplomatic crisis with other countries?
Answer: During a diplomatic crisis in 2017 when several foreign countries ceased dealing with Qatarian banks, the value of the riyal shifted in the offshore market to around 3.81 riyals per USD, while the official peg rate of 3.64 remained within Qatar.
7. How does exchanging Qatari riyals work?
Answer: Travelers planning a trip to Qatar should be aware that banks and currency exchange services typically charge a service fee, resulting in a slightly lower exchange rate for the traveler when converting from USD to QAR and vice versa.
8. What is the Gross Domestic Product (GDP) of Qatar?
Answer: The GDP of Qatar was approximately $179.6 billion as of Aug. 14, 2022.
9. Which countries use riyals?
Answer: Countries that use the riyal include Qatar, Saudi Arabia, Iran, and Oman.