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Monday, September 27, 2021

Got old banknotes? Here’s how to exchange them before July 1

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The new Qatari banknotes have 62 security features, including a barcode for extra security measures. 

Citizens and residents of Qatar have been advised to exchange old banknotes before the July 1 deadline, banks across the country said.

“Be sure to exchange your old banknotes before July 1, 2021. In accordance with the directives of Qatar Central Bank (QCB), the deadline to exchange the old notes will be July 1, 2021,” said QNB on its official Twitter account.

“The exchange of old notes needs to be done before the date mentioned above. In addition, old notes can be deposited in QNB ATMs, ITMs and bulk deposit machines,” it added.

Last February, QCB extended the circulation of old banknotes until July in order to give the public more time to exchange to new currencies.

Once the deadline has passed, old banknotes will become illegal and indemnified currency, the bank said, adding that those who did not change the bills on time will be entitled to recover the notes’ value from the Central Bank within a period not exceeding 10 years from the date of the withdrawal decision.

Read also: ATM upgrades? Where to deposit your new banknotes

ATMs and cash deposit machines in Qatar will now be accepting banknotes and have been upgraded in to include the new banknotes, all of which have high-security features and new designs.

“According to the instructions of the Qatar Central Bank, QIIB will continue to accept and replace Qatari banknotes with the fourth issue until 01-07-2021,” said QIIB on its official Twitter account in May.

“Kindly note that old Qatari currency notes will be accepted at our branches and cash deposit ATMs until July 1, 2021,” Doha Bank tweeted last month.

Last December, QCB introduced the ‘5th Series of Qatar Riyal Banknotes’.

The country’s new unique notes incorporate elements of Qatari tradition, Islamic history, culture, flora and fauna, as well as development in the field of education, sport, and economy.

The bills also include a 200 note that was released on the country’s National Day to bridge the gap between QR100 and QR500 banknotes.

The new designs look drastically different, with the 500-riyal bill looking similar to the old, pink 50-riyal banknote.

In a more modern approach, the new bills feature Qatar’s most recent landmarks, including the Qatar National Museum and the Al-Thumama stadium, which is set to become the venue for some of the 2022 World Cup matches.

The old notes were unveiled back in 2003 and introduced holographic security threads and plastic foil see-through windows.

The new banknotes have 62 security features, including a barcode.


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