Time Period: 1950-1965

Timeline

  • 29.04.1959
  • Indian Act [Reserve Bank of India (Amendment) Act, No. 14] for the issue of special banknotes for the Gulf region by the Reserve Bank of India; effective 01.05.1959.
  • 11.05.1959
  • Start of currency exchange:
    - 11.05.1959: Start of issuance of the special Indian banknotes for the Gulf region
    - 22.06.1959: End of exchange period, demonetization of the regular Indian banknotes.
  • 07.07.1965
  • Monetary agreement between Abu Dhabi, Bahrain, Dubai and Qatar on the creation of a common currency; not implemented


Time Period: 1966-1973 (AH:1386-1393)

Currency: Qatar-Dubai-Riyal


Timeline

  • 21.03.1966
  • AH:29.11.1385
  • Agreement between Qatar and Dubai on the establishment of a joint currency board and a common currency; effective upon constitution of the board on 18.09.1966 [AH:03.06.1386]
  • 06.06.1966
  • India unilaterally devalued the (Gulf) Rupee by 36.5%; immediately afterwards, Qatar imported Saudi Arabian currency as interimistic means of payment, and the (Gulf) Rupee was demonetized at a rate of 100 Saudi Arabian Riyal = 106.50 Rupees until end June 1966.
  • 18.09.1966
  • Start of currency exchange:
    - 18.09.1966: Start of issuance of the new banknotes and coins
    - No demonetization of the Saudi Arabian currency.
    - The Qatar-Dubai Riyal also circulated in Ajman, Fujaira, Ras al-Khaimah, Sharjah and Umm al-Quwain, which were not partners in the currency agreement.

Valuation Regimes

  • 1966-1967
  • Fixed rate against British Pound
  • 1967-1973
  • Fixed rate against US Dollar

Rate Arrangements

  • 18.09.1966
  • Fixed
  • British Pound at 1 : 13⅓
  • ±0.0%
  • 19.11.1967
  • Fixed
  • US Dollar at 1 : 4.762
  • ±0.0%
  • 18.12.1971
  • Fixed
  • US Dollar at 1 : 4.386
  • +8.6%
  • 13.02.1973
  • Fixed
  • US Dollar at 1 : 3.947
  • +11.1%


Time Period: 1973- (AH:1393- )

Currency: Qatari Riyal


Timeline

  • 13.05.1973
  • AH:10.04.1393
  • Amiri decree [No. 6] on the withdrawal from the currency union with Dubai and [No. 7] on the establishment of the Qatar Monetary Agengy; effective upon constitution of the agency on 19.05.1973
    - The 1966 monetary agreement between Qatar and Dubai was formally dissolved by the two parties by agreement of 09.05.1973.
  • 19.05.1973
  • AH:16.04.1393
  • Amiri decree [No. 24] on the currency changeover; effective immediately
  • 19.05.1973
  • Start of currency exchange:
    - 19.05.1973: Start of issuance of the new banknotes and coins
    - 18.08.1973: Demonetization of the Qatar-Dubai currency in both countries (coins tolerated until 30.11.1973).

Valuation Regimes

  • 1973-1975
  • Fixed rate against US Dollar
  • 1975-1980
  • Fixed rate against IMF Special Drawing Rights (SDR) unit
  • 1980-
  • Fixed rate against US Dollar

Rate Arrangements

  • 19.05.1973
  • Fixed
  • US Dollar at 1 : 3.947
  • -
  • 18.03.1975
  • Fixed
  • SDR at 1 : 4.762
  • +4.1%
  • 22.12.1980
  • Fixed
  • US Dollar at 1 : 3.64
  • -1.4%


End-year Forex Rates (Units per US Dollar)