Emerging Markets Rates and Currencies Handbook

Qatar (QAR - Qatari Rial) Citi in Qatar Citibank, NA — QFC Branch (Citi Qatar) was established in 2007, and is authorized by the Financial Centre Regulatory Authority (QFCRA). Citi Qatar offers a full range of corporate and investment banking services, and operates through a local correspondent bank for clearing purposes as the branch is not part of the local check clearing system. Citi Qatar doesn’t provide retail services. Market Overview The local currency is pegged to USD at an average price of 3.64. The Central Bank supports the peg in the onshore market by providing liquidity domestically to commercial banks. Following the geo-political events and the embargo on Qatar in 2017, the volatility on USDQAR in the offshore market has increased and USDQAR pair has been trading higher compared to the onshore market. In early 2021, the neighboring countries agreed to lift the blockade on Qatar, which had led to compression in the onshore and offshore spread in USDQAR. Banks with local clearing license can access CB to place excess liquidity. Convertibility Fully Convertible. 134