Banking Information

Currency

The unit of currency is the Qatari Riyal (QR), which is divided into 100 Dirhams (Dh). Currency is issued by the Qatar Central Bank. Notes in circulation are QR1, QR5, QR10, QR50, QR100 and QR500. Coins in circulation are Dh50, Dh25, Dh10 and Dh5. The Dh1 coin is now out of circulation and worth collecting. Qatari banknotes incorporate security threads, as well as special features for recognition by the blind and visually impaired.

Four countries of the Gulf Cooperation Council ratified a pact in 2009 to establish a monetary union council, a prelude to the launch of the single GCC currency (the exceptions are the UAE and Oman). According to the pact, the monetary council is scheduled to develop into a GCC central bank located in Saudi Arabia, which would be later responsible for the issue of the single currency (possibly by 2015). The exchange rate of the Qatari Riyal against one US Dollar is officially pegged at QR 3.64.