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United Arab Emirates: AED [9] Moroccan dirham: MAD Morocco: DH Djiboutian franc: DJF Djibouti: Fdj Egyptian pound: EGP Egypt £E or ج.م or L.E. Lebanese pound [10] LBP Lebanon £L and ل.ل [10] [11] Sudanese pound: SDG Sudan: SDG or ج.س Syrian pound [12] SYP Syria £S [13] Omani rial [14] OMR Oman: ر.ع [15] Qatari riyal [16] QAR Qatar ...
Until 1966, Qatar used the Indian rupee as its currency, in the form of Gulf rupees. When India devalued the rupee in 1966, Qatar, along with the other states using the Gulf rupee, chose to introduce its own currency. [2] Before doing so, Qatar briefly adopted the Saudi riyal, then introduced the Qatar and Dubai riyal following the signing of ...
In 1966, India devalued the rupee, prompting Qatar, Dubai, and all the Trucial States with the exception of Abu Dhabi, to introduce a new riyal unit at par with the pre-devaluation rupee. Abu Dhabi instead chose to adopt the Bahraini dinar, and in 1973 it changed to the United Arab Emirates dirham in line with the rest of the sheikdoms in the UAE .
To the middle of the 20th century, the Indian rupee was also used as the official currency in the emirates on the eastern Arabian Peninsula, namely Kuwait, Bahrain, Qatar, the Trucial States, and Oman. That meant, in effect, that the Indian rupee was the common currency in those territories as well as in India.
The Indian rupee was the official currency of Dubai and Qatar until 1959, when India created a new Gulf rupee (also known as the "external rupee") to hinder the smuggling of gold. [16] The Gulf rupee was legal tender until 1966, when India significantly devalued the Indian rupee and a new Qatar-Dubai riyal was established to provide economic ...
The currencies of Saudi Arabia, [5] the UAE, Qatar, Oman, and Bahrain are pegged to the US Dollar. Kuwait's Dinar is pegged to a basket of currencies including the US Dollar and the Euro. Saudi Arabia rejected calls for the International Monetary Fund SDR to be used as a reserve currency. [6]
On 6 June 1966, India decided to devalue the Gulf rupee against the Indian rupee. Not accepting the devaluation, several of the states still using the Gulf rupee adopted their own or other currencies. All the Trucial States except Abu Dhabi adopted the Qatar and Dubai riyal, which was equal to the Gulf rupee prior to the devaluation. These ...
The Qatar Central Bank (Arabic: مصرف قطر المركزي) is the central bank of Qatar.. Originally known as the Qatar Monetary Agency it was founded in 1973. Over its history the Qatar Central Bank has increasingly worked in association with other, larger central banks to achieve a stable currency for the country, most recently and notably with the Monetary Authority of Singapore.