The Qatari riyal (sign: QR in Latin, in Arabic; ISO code: QAR) is the currency of the State of Qatar. It is divided into 100 dirhams (). History Until 1966, Qatar used the Indian rupee as its currency, in the form of Gulf rupees. When India devalued the rupee in 1966, Qatar, along with the other states using the Gulf rupee, chose to introduce its own currency. Before doing so, Qatar briefly adopted the Saudi riyal, then introduced the Qatar and Dubai riyal following the signing of the Qatar-Dubai Currency Agreement on 21 March 1966. The Saudi riyal was worth 1.065 Gulf rupees, whilst the Qatar and Dubai riyal was equal to the Gulf rupee prior to its devaluation. Following Dubai's entry into the United Arab Emirates, Qatar began issuing the Qatari riyal separate from Dubai on 19 May 1973. The old notes continued to circulate in parallel for 90 days, at which time they were withdrawn. For a wider history surrounding currency in the region, see the history of British currency in the Middle East. Coins In 1966, coins were introduced in the name of Qatar and Dubai for 1, 5, 10, 25, and 50 dirhams. In 1973, a new series of coins was introduced in the same sizes and compositions as the earlier pieces but in the name of Qatar only. Only 25 and 50 dirham coins are now circulated Banknotes On September 18, 1966, the Qatar & Dubai Currency Board introduced notes for 1, 5, 10, 25, 50, and 100 riyals. These were replaced on 19 May 1973 by notes of the Qatar Monetary Agency in denominations of 1, 5, 10, 100, and 500 riyals; a 50 riyal note was issued in 1976. The Qatar Central Bank was established by decree 15 on 5 August 1973. All coins and notes issued by the Qatar Monetary Agency became the property of the bank but continued to circulate for several years. On December 13, 2020, the Qatar Central Bank issued its fifth series of banknotes for circulation. Included in this series is the 200 riyal banknote. The front side of the notes share a common design based on traditional geometric patterns, the Flag of Qatar, Qatari flora and a gate representing historic Qatari architecture. Qatar issued a commemorative 22 riyal note for the 2022 FIFA World Cup. Fixed exchange rate The Qatari riyal is pegged to the US dollar