The Qatar Central Bank (Arabic: مصرف قطر المركزي) is the central bank of Qatar.The Qatar Central Bank was originally until 1993 known as the Qatar Monetary Agency (and was known before that as Qatar Dubai Currency Board), founded on May 13, 1973 after Dubai joined the United Arab Emirates.Prior to 1966, currencies in circulation in Qatar were those linked to the Pound Sterling, like the Indian Rupee and Gulf Rupee. When India devalued the Rupee (including the Gulf Rupee) by approximately 35%, Qatar and Dubai decided to replace the Gulf Rupee with the Saudi Riyal as an interim measure until the issuance of a new currency. On the 21st of March 1966, Qatar and Dubai signed a currency agreement to set up the Qatar-Dubai Currency Board.