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History of monetary system in Qatar

monetary system in Qatar

Currency holds a special position in economy as it makes easy to trade and transport. During its history, Qatar’s monetary system has passed through many alters and modifications.

Origination of Qatar’s currency

Uthman Caliphate, between 644 – 656 Common Era was the origin of Qatar’s Currency. The one thing that has never changed throughout the history is the name of the coins- “Dirhams”. The dirham were silver coins and Dinar were gold coins, these were other coins used back then for trade and other activities in Muslim world.

Timeline of Qatar’s currency

The standardization of Dirham coins took place during the Omar caliphate era. These were officially sanctioned as the pure silver coins and started to use for national and international trade in the Middle East and around much of the world.

Later on, china introduced the paper currency to the world during the Gaykhatu Empire rule.

During the Ottoman Empire, the standardization of paper currency started for trade. Although the Sharia Law opposed the paper money but it was accepted due to the increasing global demands.

Timeline of the currency of Qatar-

The TIMELINERULER/ RULING BODY/ CURRENCYCURRENCY
584-644 CEUmar CaliphateThe value of Dirham was standardized.
644-656 CEUthman CaliphateSilver Dirham was introduced.
13TH CenturyGaykhatu EmpireThe first paper currency was introduced.
19TH CenturyOttoman EmpireStandardization of paper currency for trade.
1950-1959British Sovereign & The Indian RupeeOman currency, Persian currency, Maria Theresa Silver Thalers, Silver Saudi Riyal, The Indian Rupee & British Sovereign Gold Coins were started to use during this period.
1959-1966The Gulf RupeeIssued by the Indian Government, later withdrawn due to the devaluation of the Gulf Rupee in 1966.
UNTIL SEPTEMBER 1966The Saudi RiyalDue to the shortage of printed notes in state, Qatar borrowed 100 million Saudi Riyal. 
1966-1973Qatar-Dubai Riyal   (QDR)Qatari Riyal introduced to relinquish the Qatar-Dubai Currency Board in accordance with Amiri Decree No. 6 of May 1973.
1973-PRESENT DAYThe Qatari RiyalFirst introduced on 19th May 1973.

The present-day Qatari Riyal

  • The Qatari Riyal is the official currency of Qatar.
  • It is made up of 100 dirhams and abbreviated as QR or QAR.
  • The Qatar Central Bank issues the Qatari notes and coins and also supervises the monetary stability and regulatory control.
  • The currency code for the Qatari Riyal is QAR.
  • The value of the Qatari Riyal to US Dollar is fixed at 1 USD = 3.64 Riyal since July 2001.

Written by Saleh wasim

Blogger who writes topics such as Employment, News, travel, sports, events and life in Gulf.

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