Qatar Central Bank extends circulation of old currency notes

Qatar New Currency

Qatar Central Bank announced that it has been decided to extend the circulation of old banknotes until the first of July 2021.

Qatar Central Bank stated that after July 2021, the banknotes of the fourth series will become illegal and indemnified currency, with the holder entitled to recover the value of the remaining notes from the Central Bank within a period not exceeding 10 years from the date of the withdrawal decision.

In a statement, the QCB referred to the decision of the Governor of Qatar Central Bank No. 99 / of 2020 issued in the Official Gazette on 12/27/2020 regarding the withdrawal of the fourth series banknotes from circulation starting from December 18, 2020, after the launch of the fifth series.

This decision comes in accordance with the provisions of Articles 54 and 55 of the Qatar Central Bank Law and Regulation of Financial Institutions issued by Law No. 13 of 2012.

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The Qatar Central Bank stressed the importance of preserving the national currency and not tampering with it, whether by writing, perforation or otherwise, indicating that these acts are criminalized by the provisions of Article 56 of the aforementioned Qatar Central Bank Law.

News Source: Qatar News Agency, Image Source: Freepik

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