QCB Determines Transactions in which the Use of Cash above 50,000 Riyals is Prohibited
Qatar Central Bank (QCB) has announced a ban on the use of cash in transactions that exceeds the value of 50,000 QAR (fifty thousand riyals).
QCB explained in a tweet on its official Twitter account: This procedure is carried out based on the Council of Ministers' Decision No. (10) of 2022, which included a ban on the use of cash in the following transactions when their value exceed 50,000 riyals. The transactions include Selling, buying and renting real estate, and performing any actions on it. It also prohibited the sale, purchase and rental of vehicles of all types and their distinctive numbers.
The use of cash in transactions that exceed the value of QR 50,000 are prohibited in selected trading outlets, based on the Council of Ministers' Decision No. (10) of 2022, Qatar Central Bank recently said on Twitter.
In an infographic, QCB stated that the decision is applicable for the following trading outlets:
- Sale, purchase and rental of properties of all kinds, and modifying it.
- Sale, purchase and rental of vehicles of all kinds and their distinctive numbers.
- Sale, purchase and rental of all maritime transportation.
- Sale, purchase and rental of all precious metals, gemstones and jewellery.
- Sale, purchase and rental of camels, horses, livestock and falcons, whether single or flocks.
Source: Qatar Central Bank
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