Qatari Rial Currency
Qatar ranks to be the major oil producing countries in the globe. The country is dependent on oil revenues to as huge as 85% of the total income.
The oil is the backbone of Qatar and the country claims to have the 3rd place in exporting natural gas. Qatar also stands 35th in the current credit ratings among 173 countries and the currency, Qatari rial offers good support leading to excellent growth in the economy.
Qatari rial is pegged on a fixed regime to the US dollar such that 3.64 Qatari rial = 1 US dollar. It offers a stable platform to operate without causing many fluctuations. Qatar is facing threat of encountering natural gas and oil reserves to come to end in 2030.
Qatari rial is subdivided into 100 equal parts and each subunit is served by dirham. In fact, dirham is confused to be the national currency of UAE, but the actual difference is in their value.
The flow of currency in the country is managed by the Qatar Central Bank founded in 1993 and the Qatar Monetary Agency has been issuing since 1973 the national currency.
The currency is in coinage denominated in dirham and the paper form is in rial. The coins are in face values such as dirham 1, 5, 10, 25 and 50. The dirham coins 1, 5 and 10 are in bronze as their main constituent and owing to this their natural color the coins appear brown.
The other two coins are in copper-nickel and silver. The front sides of the coins have official logo of Qatar Central Bank showing a sailboat sailing over palm trees and water body in the background and the back sides bear respective values in Arabic numerals. The coin 1 dirham is out of circulation as it has least value.
The paper currency also has Arabic language in front side with numeral figures and on the reverse side English is used. The colors are 1 riyal in purple, 5 riyal in green, 10 riyal in orange, 50 riyal in pink, 100 riyal in yellow and 500 riyal in Blue.
Fixed exchange rate
The Qatari riyal was pegged officially in March 1975 and was fixed to 3.64 riyal= 1 U.S.dollar since 19080 and was translated to 1 riyal =27.4 cents approximately. This was official rate in July 2001.