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Qatar’s currency has touched a 19-year low in the wake of the Gulf diplomatic crisis

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Qatar’s currency, the riyal, touched a new low against the dollar on Tuesday as the country’s diplomatic crisis continued.

The riyal hit 3.67 to the dollar, which is the weakest since 1998, the Financial Times reported.

Qatar’s central bank has pegged the currency to 3.64 to the dollar so even small movements are likely to produce new lows.

Qatar’s finances have come under pressure in the wake of a diplomatic row with its Gulf neighbours.

Last week credit rating agency S&P cut its long-term rating of Qatar one notch from AA to AA- late and implied that further downgrades were likely.

Qatar’s neighbours, including read more >>>

Source:: BusinessInsider.Com

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