Qatari peg under pressure despite reassurances

Doha, Qatar

The Qatari riyal’s peg to the US dollar is under pressure amid the ongoing diplomatic freeze by the Gulf state’s neighbours, despite the reassurances of the central bank governor and finance minister.

The riyal’s exchange rate with the US dollar was close to 3.66 as of 2pm London time, against the official pegged value of 3.64, down slightly from a peak of 3.67 earlier in the week. The movement is the first major deviation from the pegged value for many years.

Qatar’s economy has been strained