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BUSINESS FORMS & STRUCTURES
CURRENCY & BANKING
TAXATION INVESTMENT & TRADE PUBLIC PROCURMENT ENVIRONMENTAL LAW
Currency and Banking
The Qatari Riyal is freely convertible on world financial markets. Currency exchange is regulated by Law No. 4/1982 which controls and sets licensing.
Restrictions exist on activities dealing with currency exchange, traveler's checks, valuable metals and personal transfers.
The Qatar Central Bank was established in 1973 as the Qatar Monetary Agency. In addition to supervising, coordinating and controlling the banking sector, the QCB also regulates insurance and controls the circulation of currency. The QCB sets interest rates for deposits and credit facilities maintained in QR.
There are more than a dozen commercial banks operating in Qatar. A banking license may be issued to a banking entity whose paid-up capital is at least QR 5 million. If the banking entity is a foreign subsidiary, it must maintain that amount of retained or operational capital in Qatar. Banking entities are required to retain a reserve of 100 percent of their paid-up or operational capital in Qatar. Deposits and credit facilities in foreign currency are subject to variable interest rates determined by the banks in accordance with prevailing market terms.
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