World banks and exchanges rejecting Qatari riyals

Published:  30 Jun at 6 PM
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A report published yesterday has confirmed banks and currency exchange providers are now refusing to accept Qatari riyals, causing problems for expats being paid in the currency.

Following a directive sent out to US bank branches across the globe which forbade the acceptance of the Qatari currency, expat residents employed in Qatar and travelling overseas are experiencing difficulties exchanging currencies. Exchange agencies across Europe, Asia and America are now following the banks' lead as the Qatari riyal now has no official rate.

One Qatari resident at present on a visit to the USA told Doha News he'd attempted to change his riyals at a number of major American banks, but was repeatedly told they were not able to buy Qatari currency as a directive to that effect had been sent out to all US banks. Another expat resident in Qatar had attempted to exchange her riyals at several banks and money-changers in the Philippines, only to be given the same reason for refusal.

In the UAE, most currency exchange facilites stopped accepting the Qatari riyal early this month, although one exchange business told local media it was still accepting the currency. Social media posts are listing places where an exchange is still possible, but the rates offered are significantly lower than in previous months. Since the embargo began, the riyal has fallen against the US dollar, but a report earlier this week noted some strengthening in spite of credit rating agencies’ decision to cut the emirate’s rate.

According to financial analysts, the Gulf crisis has investors worried, with many fearing the onset of a financial crisis. The fall in oil prices isn’t helping, with experts in the sector reporting concerns over the emirate’s ongoing energy revenues. Both Saudi Arabia and the UAE seem determined to hold to the 13 conditions required to be accepted before the blockade can be lifted, thus making the concerns of financial experts seem fully justified.
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