Qatar Central Bank reiterates that Riyal is stable against US dollar

There has been a lot of rumours going around that the state of Qatari Riyal against the US Dollar is shaky and that things could come to a head soon.

However, the Qatar Central Bank (QCB) has moved to quash the rumours, saying the reports circulating on social media about the trading and exchange rate of the Qatari riyal are baseless, reported Gulf Times.

In a statement, QCB said the Qatari Riyal’s exchange rate is absolutely stable against the US dollar, adding that exchangeability of riyal inside and outside Qatar is guaranteed at any time at the official price.

The official price is based on a set of data, including the International Monetary Fund’s acknowledgement of the Qatari riyal as an official currency as well as the fact that it is covered by QCB through huge cash reserves,” the statement said.

There had been rumours floating around that several exchange houses had stopped buying Qatari Riyal in India and elsewhere, but those have been proved to be false. 

The statement said that the Qatar Central Bank  will guarantee all exchange transactions for customers inside and outside Qatar without delay, noting that all banks and local exchange companies are committed to exchanging it as usual, according to The Peninsula.

Meanwhile, the international exchange company Travelex has resumed dealing in Qatari riyals in its branches around the world, Al Jazeera reported. 

The company said it stopped buying the Qatari currency briefly because of what it described as the challenges related to dealing in Qatari riyal.