What would a market monetarist say?

Many banks and foreign exchange companies outside of Qatar are now refusing to buy Qatari riyals, Doha News has learned.

The change has caught many people off guard. It comes after rating agencies lowered Qatar’s credit rating and put it on “negative watch” amid an ongoing Gulf dispute.

Several residents traveling in Europe, the US and Asia have contacted Doha News saying they have been unable to exchange Qatari currency in the countries they were visiting.

However, not all banks in all countries are affected. Exchanges in Jordan and Lebanon, for example, are still operating normally.

…When contacted by Doha News, the UK branch of the international exchange firm Travelex and the UK bank Halifax Bank of Scotland (HBOS) both confirmed that they were not buying riyals from customers.

The same is true at some U.S., Indian, and Pakistani banks.  Here is the full story from Doha News.