The new currency regime, fifth in series, triggered a "significant" double-digit growth in value of traded notes in 2020, according to the Qatar Central Bank (QCB).
In its 2020 annual report, the QCB said during the year, the value of traded paper and coins in circulation has grown "significantly".
At the end of December 2020, the value of paper currency in circulation reached QR26.22bn, showing an annual growth of 60.34% compared to a slight increase of 1.16% at the end of 2019, said the report, which was released last week.
"This significant growth in the value of traded notes mainly reflects the new issuance of the Qatari riyal currency in December 2020," it said.
The volume of banknotes expanded by 18.84% in 2020 against 8.43% in 2019, it said, adding the year witnessed the issuance of the QR200 denomination for the first time in the history of Qatari currencies.
In terms of value, the QR500 denomination accounted for 77.04% of the total value of the traded notes, while the QR1 denomination constituted 44.72% of the total circulated banknotes by volume.
Among the currencies, in terms of value, QR50 denomination witnessed the fastest growth and QR1 the least expansion in 2020.
The QR500 denomination saw a 56.35% year-on-year growth in value to QR20.2bn, QR100 by 57.07% to QR3bn, QR50 by 63.41% to QRQ1.34bn, QR10 by 13.67% to QR0.42bn, QR5 by 14.61% to QR0.21bn and QR1 by 1.7% to QR0.15bn in the review period.
In terms of volume, QR500 reported a 56.28% year-on-year growth to 40.4mn in 2020, QR100 by 57.19% to 29.96mn, QR50 by 63.01% to 26.88mn, QR10 by 18.66% to 41.59mn, QR5 by 14.59% to 42.48mn and QR1 by 1.7% to 150.33mn.
The QCB introduced the fifth series of in December 2020, coinciding with National Day. In conjunction with the fifth issue, a new system had been put in place to track banknotes.
The introduction of QR200 "aims to bridge the gap between the QR100 and QR500", executive director of the Public Debt, Banking Affairs and Issuance at QCB, Mohamed Jassim al-Kuwari had said at the time of launch.
This system is based on a database linked to trading and with banks, he said, indicating that it is a special database for the QCB that would facilitate the process of tracking banknotes with their serial numbers, as well as helping to know their validity and spoilage cycle, and their continuity in the markets and making future statistics for printing new ones.
A total of 4.51mn QR200 denomination valued at QR901.35mn were put into circulation in December 2020.