Qatar rules out change in riyal’s peg to US dollar

Qatar rules out change in riyal’s peg to US dollar:

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Qatar has reiterated there is no going back on its currency’s peg to the US dollar and said the riyal’s rate to the greenback is to be maintained at QR3.64.
Local banks and exchange houses involved in foreign exchange dealings must use this rate with a margin of 0.24 percent. While converting the riyal to other currencies, they must use the above riyal-dollar rate as the basis of those conversions.
“The riyal’s peg to the dollar is the cornerstone of the country’s monetary policy,” said banking regulator, Qatar Central Bank (QCB)."

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