Omani rial

The Omani rial (Arabic: ريال, ISO 4217 code OMR) is the currency of Oman. It is divided into 1000 baisa (also written baisa, بيسة).

Omani rial
ريال عماني (Arabic)
ISO 4217
CodeOMR
Denominations
Subunit
11000baisa
Symbolر.ع.
Banknotes
Freq. used100 baisa, 12, 1, 5, 10, 20, 50 rials
Rarely used100, 200 baisa
Coins5, 10, 20, 50, 100 baisa, 14, 12 rials
Demographics
User(s) Oman
Issuance
Central bankCentral Bank of Oman
Websitewww.cbo.gov.om
Valuation
Inflation4.1%
SourceThe World Factbook, 2011 est.
Pegged withUS dollar (USD)[1]
1 USD = 0.384497 OMR

Fixed exchange rate

From 1973 to 1986, the rial was pegged to the U.S. dollar at 1 Omani rial = US$2.895. The rate was changed in 1986 to 1 Omani rial = US$2.6008,[2] which translates to approximately US$1 = 0.384497 rial. The Central Bank of Oman buys U.S. dollars at 0.384 Omani rial, and sell U.S. dollars at 0.385 Omani rial.[3] It is the third-highest-valued currency unit after the Kuwaiti dinar and the Bahraini dinar.

Current OMR exchange rates
From Google Finance: AUD CAD CHF EUR GBP HKD JPY USD INR CNY KRW
From Yahoo! Finance: AUD CAD CHF EUR GBP HKD JPY USD INR CNY KRW
From XE: AUD CAD CHF EUR GBP HKD JPY USD INR CNY KRW
From OANDA: AUD CAD CHF EUR GBP HKD JPY USD INR CNY KRW

Note: Rates obtained from these websites may contradict with pegged rate mentioned above.

History

Until 1940, the Indian rupee and the Maria Theresa thaler (known locally as the rial) were the main currencies circulating in Muscat and Oman, as the state was then known, with Indian rupees circulating on the coast and thaler in the interior. Maria Theresa thaler were valued at 230 paisa, with 64 paisa = 1 rupee.[4]

In 1940, coins were introduced for use in Dhofar, followed, in 1946, by coins for use in Oman. Both coinages were denominated in baisa (equivalent to the paisa), with 200 baisa = 1 rial. The Indian rupee and, from 1959, the Gulf rupee continued to circulate. On 6 June 1966, India devalued the Gulf rupee against the Indian rupee. Following the devaluation, several of the states still using the Gulf rupee adopted their own currencies. Oman continued to use the Gulf rupee until 1970, with the government backing the currency at its old peg to the pound, when it adopted the rial Saidi.

In 1970, the rial Saidi (named after the House of Al Said, not to be confused with Saudi riyal) was introduced as the currency of Oman to replace the Gulf rupee. It was equal to the British pound sterling and 1 rial Saidi = 21 Gulf rupees. The rial Saidi was subdivided into 1000 baisa. The Omani rial replaced the rial Saidi at par in 1973. At that time, the currency became pegged to the US dollar at 1 Omani rial = US$2.895, instead of the pound sterling, a rate that would continue until 1986, when it was devalued by about 9% to 1 Omani rial = US$2.6008. The currency name was altered due to the regime change in 1970 and the subsequent change of the country's name. Since 1975, new coins have been issued with the country's name given as Oman.

Coins

In the 1890s, coins for 112 and 14 anna (13 and 1 paisa) were minted specifically for use in Muscat and Oman.

In 1940, coins were issued for use in Dhofar in denominations of 10, 20 and 50 baisa. 12 rial coins were added in 1948, followed by 3 baisa in 1959. In 1946, 2, 5 and 20 baisa coins were introduced for use in Oman. These were followed, between 1959 and 1960, by 3 baisa, 12 and 1 rial coins.

In 1970, a coinage for all of Muscat and Oman was introduced. Denominations were 2, 5, 10, 25, 50 and 100 baisa. In 1975, new coins were issued with the country's name given as Oman. 14 and 12 rial coins were introduced in 1980.

Coins currently circulating are 5, 10, 25, 50 and 100 baisa, 14 rial and 12 rial.[5]

Omani Qaboos coins
ImageValueDiameterMassCompositionEdgeObverseReverseYear of
ObverseReverse first minting
5 baisa19 mm2.65 gCopper-clad steelSmoothQaboos bin Sa'id, Sultan of OmanYear of minting1999
10 baisa22.5 mm4.1 gCopper-clad steelSmoothQaboos bin Sa'id, Sultan of OmanYear of minting1999
25 baisa22.5 mm2.63 gNickel-plated steelReededQaboos bin Sa'id, Sultan of OmanYear of minting1999
50 baisa24 mm5.57 gNickel-plated steelReededQaboos bin Sa'id, Sultan of OmanYear of minting1999
100 baisa21.5 mm4.20 gCopper-nickelReededSultanate of OmanYear of minting1984
1/4 riyal26 mm6.5 gAluminium bronzeLetteredSultanate of OmanYear of minting1979
1/2 riyal30 mm10 gAluminium bronzeReededSultanate of OmanYear of minting1979


Banknotes

On 7 May 1970, the Sultanate of Muscat and Oman issued banknotes in denominations of 100 baisa, 14, 12, 1, 5 and 10 rial saidi.[6] These were followed by notes for 100 baisa, 14, 12, 1, 5 and 10 Omani rials issued by the Oman Currency Board on 18 November 1972.[7]

From 1977, the Central Bank of Oman has issued notes, with 20 and 50 rial notes introduced that, followed by 200 baisa notes in 1985. A new series of notes was issued in 1995, and the 5-rial notes and higher were updated in 2000 with foil strips:

1995 Series
ImageValueMain ColourDescription
ObverseReverseObverseReverse
100 baisa Green Sultan Qaboos bin Said al Said, irrigation canal Verreaux eagle, white oryx
200 baisa Blue Sultan Qaboos bin Said Al Said, Salalah airport Marine Science & Fisheries Center, Port Qaboos, Muttrah
12 rial Brownish-purple Sultan Qaboos bin Said Al Said, Bahla fortress Al-Hazim fort, Nakhal Fort
1 rial Purple Sultan Qaboos bin Said Al Said, Sultan Qaboos Sports Complex Omani Khanjar (dagger), silver bracelets and ornaments, dhows
5 rials Red Sultan Qaboos bin Said Al Said, Sultan Qaboos University Nizwa
10 rials Brown Sultan Qaboos bin Said Al Said, Al-Nahda tower Muttrah Fort
20 rials Blue Sultan Qaboos bin Said Al Said, Sultan Qaboos Grand Mosque (Muscat) Royal Opera House Muscat
50 rials Pink & violet Sultan Qaboos bin Said Al Said, Ministry of Finance and Economy Building (Muscat) Cabinet building and Ministry of Finance and Industry building (Muscat)

In 2005, a red 1 rial note commemorating the "35th National Day" was issued.

In 2010, new 5, 10, 20 and 50-rial notes were issued on the occasion of the 40th National Day. The 20-rial note is blue instead of green while the other notes are the same colour as previously.

In 2015, a purple 1 rial note commemorating the "45th National Day" was issued.[8]

As of 2017, notes in circulation are the 2010 series for higher denominations, the 2015 1-rial note, and the 1995 series of 100 baisa and 12 rial. The 200-baisa note is still in circulation but not commonly seen, and older notes of 1-rial and above are still accepted though not found in circulation.

See also

References

  1. "CBO Annual Report 2014" (PDF). Retrieved 14 June 2019.
  2. Chapter six, CBO Annual Report 2003
  3. Daily exchange rate, Central Bank of Oman
  4. "Archived copy". Archived from the original on 2007-09-26. Retrieved 2007-03-15.CS1 maint: archived copy as title (link)
  5. "Archived copy". Archived from the original on 2008-05-13. Retrieved 2007-11-27.CS1 maint: archived copy as title (link)
  6. Linzmayer, Owen (2012). "Muscat and Oman". The Banknote Book. San Francisco, CA: www.BanknoteNews.com.
  7. Linzmayer, Owen (2012). "Oman". The Banknote Book. San Francisco, CA: www.BanknoteNews.com.
  8. http://www.atsnotes.com/catalog/banknotes/oman.html
Preceded by:
Gulf rupee
Ratio: 1 rial = approximately 21 rupees = 1 British pound
Currency of Oman
1970
Note: known as "rial Saidi" before 1973, since known as "rial Omani"
Succeeded by:
Current
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