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Established in August 1993, the Qatar Central Bank (QCB) has inherited the QMA monetary strategy of targeting the exchange rate. QCB kept adopting the policy of fixed exchange rate against the USD at the same rate of QR 3.64 per USD. In their December 2001 Summit, GCC leaders decided to adopt the USD as a common peg for the GCC national currencies as a step towards accomplishing the GCC monetary union with a united currency .
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