Foreign Exchange: Qatari Riyal Currency in Crisis
A recent diplomatic turmoil in the Middle East has prompted Bahrain, Egypt, Saudi Arabia, United Arab Emirates, Mauritius, Mauritania, the Maldives, Libya and Yemen to sever or suspend ties with Qatar, accusing Qatar of supporting terrorism and destabilizing the region.
As of Tuesday, June 6 the Qatar riyal currency has been under massive amounts of pressure, with many central banks in the region pulling away from any financial ties to Qatar. All of these speculations have caused the riyal to fall to its lowest point since June 2016.
"We will not take action without central bank guidance, but it is wise to evaluate what you give to Qatari clients and hold off until there is further clarity," said a UAE banker, adding that trade finance had stalled for the time being, according to Reuters.
Due to the circumstances of this developing situation, Currency Exchange International is unable to buy or sell Qatari riyal (QAR) currency until there’s more clarity on the issue. We will continue to monitor the Qatar currency market and will provide updates as new information becomes available.
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