Riyal stable against US dollar, says QCB

Qatar Central Bank (QCB) has said that the reports circulating across different media about the trading and exchange rate of the Qatari riyal are baseless.In a statement issued yesterday, QCB said the Qatari riyal’s exchange rate is absolutely stable against the US dollar, adding that exchangeability of riyal inside and outside Qatar is guaranteed at any time at the official price based on a set of data, including the International Monetary Fund’s acknowledgement of the Qatari riyal as an official currency as well as the fact that it is covered by QCB through huge cash reserves.The statement added that QCB will guarantee all exchange transactions for customers inside and outside Qatar without delay, noting that all banks and local exchange companies are committed to exchanging it as usual. Meanwhile, the international exchange company Travelex has resumed dealing in Qatari riyals in its branches around the world, Al Jazeera reported yesterday. The company said it stopped buying the Qatari currency briefly because of what it described as the challenges related to dealing in Qatari riyal.UAE investment company Centurion, acquired more than 93% of Travelex Holdings Limited in 2015 for $1bn.