About Qatar Central Bank
Prior to 1966, currencies in circulation in Qatar were those linked to the Pound Sterling, like the Indian Rupee and Gulf Rupee. When India devalued the Rupee (including the Gulf Rupee) by approximately 35%, Qatar and Dubai decided to replace the Gulf Rupee with the Saudi Riyal as an interim measure until the issuance of a new currency. On the 21st of March 1966, Qatar and Dubai signed a currency agreement to set up the Qatar-Dubai Currency Board. The new board issued the first national currency, known as the Qatar-Dubai Riyal (QDR) on September 18, 1966 at a gold par value of 0.186621 grams of pure gold—the same as the pre-devaluation rate of the Gulf Rupee. The Pound Sterling continued to provide cover for the new currency.
On December the 2nd 1971, Dubai became a part of the UAE. Therefore, it was decided to relinquish the Qatar Dubai Currency Board in accordance with Amiri Decree No. 6 of May 1973. On May 13th 1973, Law No. 7 of 1973 was issued, establishing the Qatar Monetary Agency (QMA) to assume the duties of a central bank. Further Amiri Decree—No. 24 of 1973—was issued authorizing the redemption of QDR and the issuance of a new currency known as the Qatari Riyal (QR), with the same par value against gold as the QDR… Continue reading about Qatar Central Bank here.