Qatari Riyal (QAR)

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Definition of 'Qatari Riyal (QAR)'

The Qatari Riyal (QAR) is the currency of Qatar. It is subdivided into 100 dirhams. The Qatari Riyal was introduced in 1966 to replace the Qatari riyal, which was pegged to the British pound. The Qatari Riyal is issued by the Qatar Central Bank.

The Qatari Riyal is pegged to the US dollar at a rate of 1 QAR = 0.27 US$. This peg has been in place since 2001. The Qatari Riyal is a relatively stable currency and is used as a reserve currency by many countries in the Middle East.

The Qatari Riyal is used in Qatar for all transactions, both domestic and international. It is also accepted in some other countries in the Middle East, such as Bahrain and the United Arab Emirates.

The Qatari Riyal is a convertible currency, which means that it can be freely exchanged for other currencies. This makes it a convenient currency for international trade and investment.

The Qatari Riyal is a relatively strong currency and is expected to remain stable in the future. This makes it a good investment for those looking for a safe and secure place to store their money.

The Qatari Riyal is a valuable asset for Qatar and is an important part of the country's economy. It is a stable and convertible currency that is used for all transactions in Qatar. The Qatari Riyal is also a reserve currency for many countries in the Middle East.

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