Qatari Riyal Basis for Monetary Transactions during World Cup

The logo of the Riyal - Qatar’s national currency, symbolizes the country’s economy and is the basis of its monetary transactions. As the guests of the FIFA World Cup Qatar 2022 begin to arrive, they will be using the Qatari Riyal in cash transactions, in restaurants, shopping malls, hotels and stadiums.

The State of Qatar is characterized by the absence of a ‘black market’ for currency, which means that the World Cup guests will enjoy the advantage of a fixed and unified exchange rate. Qatar Central Bank (QCB) has adopted a policy of fixing the exchange rate of the Qatari Riyal against the US dollar at the level of 3.64 riyal/dollar, considering that the cornerstone of its monetary policy. The adherence to the peg was highly credible, enabling it to be officially approved by Decree No. 34 issued in July 2001. Local commercial banks and exchange shops deal with the public at the exchange rate set by QCB for the Riyal against the dollar, with the addition of a small margin in the range of 0.24%.

Banks and exchange houses deal in other currencies at the exchange rates that are determined according to the exchange rate of the Riyal against the dollar on one hand, and the prices of those currencies against the dollar as in global markets, on the other hand.

Qatar’s national currency, the riyal, will unite the fans of these teams who are coming from all around the globe, with their different languages and national currencies.
The Qatari Riyal has gone through many stages since it was first issued in 1973.