What is the Currency of Oman? Facts About the Omani Rial

The Omani rial is the official currency in Oman. It is identified as OMR all over the world and is priced highly since its worth is pegged against the U.S dollar. Rial is a major component of Omani economy, which is oil based.

While most of the other global currencies are divided into 100 sub units, the Omani Rial is divided into 1000 units, known as baisa. This helps in precise pricing of everyday goods.

Omani Rial - Basic Overview

The Omani rial is one of the strongest currencies in the world. It exists in notes and metal coins. The notes are issued in denominations 100 baisa, 200 baisa, 500 baisa, 1 rial, 5 rial, 10 rial, 20 rial and 50 rial and coins of 5, 10, 25 and 50 baisa. The coins and notes are decorated with the images of Oman, its heritage, forts, and rulers.

Currency Symbol and Code

The ISO currency code of the rial is OMR. It is denoted in shops and markets through the Arabic symbol ﷼,.

You can witness these symbols when you shop or exchange money and see them on price tags and the receipts. Code OMR is just applicable in world markets and banks.

Who Issues the Omani Rial?

The Omani Rial is issued and managed by the Central Bank of Oman. It was established in 1974 and is solely responsible for ensuring the financial stability of the economy.

The bank establishes money policies and maintains the rial against the U.S dollar. This cautious regulation prevents inflation and provides a secure trade situation.

Brief History of the Omani Rial

The Omani Rial dates back to a short history. Prior to Omani Rial being adopted as the official currency of Oman, the Indian rupee and Maria Theresa thaler was used as the currency. Later Gulf rupee was the trading currency till 1970, and it was replaced by Rial Saidi which continued till 1973.

In 1973, it was replaced by Omani Rial as the official currency of the Sultanate of Oman. From 1973 to 1986, the rial was pegged to the US dollar at 1:1, which was later adjusted in 1986 to approximately 1 OMR to 2.60 USD.

Where Is the Omani Rial Used?

The Omani Rial is permitted to be used within the borders of Oman. The Omani Rial is universally accepted in all local markets, luxury hotels, shopping malls, and rural villages.

Visitors must convert their foreign money into Omani rials to make purchases locally. The currency is also accepted in the Musandam Governorate, an exclave of Oman geographically separated by the United Arab Emirates.

Interesting Fact about Omani Rial

1. Omani rial is the third highest valued currency in the world behind the Kuwaiti and Bahraini Dinar.

2. There exists a half-rial banknote which is equivalent to 500 baisa.

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