Qatar 'won't depeg against the dollar'

Qatar Central Bank says it won’t depeg the riyal against the greenback
By Courtney Trenwith
Sun 18 Aug 2013 11:27 AM

Qatar Central Bank has reiterated the Gulf state will not depeg the riyal against the US dollar.

The currency will remain valued at QR3.64 per US dollar, the bank said in a statement published in The Peninsula Qatar.

Local banks and currency exchange houses must use the set rate with a margin of 0.24 percent.

“The riyal’s peg to the dollar is the cornerstone of the country’s monetary policy,” the banking regulator said.

The UAE, Saudi Arabia, Oman and Bahrain also peg their currencies to the dollar.

 

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