About the Qatari Riyal
The Qatari riyal is the currency of Qatar, issued by Qatar Central Bank. It is pegged to the US dollar at 3.64 riyals per dollar, a rate set in law in 2001.
Because of the peg, the riyal's rate against the euro, the pound or the yuan follows the dollar's rate against those currencies almost exactly, and Qatar Central Bank moves its interest rates in step with the US Federal Reserve.
Qatar is one of the world's largest exporters of liquefied natural gas. Those revenues, and the assets of the Qatar Investment Authority, stand behind the peg.
Paying in QAR
- IBAN
- Qatari accounts are identified by an IBAN, which starts QA and is 29 characters long, one of the longest in the world. For payments from abroad, use the IBAN together with the bank's SWIFT/BIC code.
- Weekend
- The Qatari weekend is Friday and Saturday, and banks do not settle on those days. Allow for this when a payment must arrive by a deadline.
- Purpose and documents
- Qatari banks ask for the purpose of international payments, and may ask for supporting documents for larger amounts. Include a clear payment description to avoid delays.
Market news and analysis on the HUBFX blog.
