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Forex brokers with Qatari Riyal accounts
The Qatari Riyal (QAR) serves as the official currency of the State of Qatar, having been introduced in 1966 to replace the Indian Rupee. The currency is regulated and managed by the Qatar Central Bank, established in 1973. While the Qatari Riyal is available in the foreign exchange (Forex) market, not all brokers offer live accounts denominated in this currency. Opting for a live trading account in QAR can prove advantageous, as it helps reduce currency conversion costs associated with deposits and withdrawals from your account balance. Consider choosing brokers that provide this option for more efficient financial transactions.
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The Qatari Riyal is fixed to the United States Dollar at an exchange rate of 1 USD = 3.64 QAR. This peg ensures relative stability of the Qatari Riyal against the US Dollar, and the Qatar Central Bank is dedicated to maintaining this exchange rate through active involvement in currency trading within the foreign exchange market.
Qatar's economy is heavily reliant on its exports of oil and natural gas, which generate substantial revenue for the country. This revenue has allowed Qatar to accumulate significant foreign currency reserves and invest in USD-denominated assets, including US Treasury bonds and other USD-denominated securities.
Despite the strong dependence on commodity revenues, the Qatari Riyal is not considered a commodity currency due to the central bank's active participation in stabilizing its value against the USD. The commitment of the Qatar Central Bank to the fixed exchange rate reinforces confidence in the Qatari Riyal's value and distinguishes it from other commodity-linked currencies.
