Code OMR Symbol ر.ع. | ⁄1000 baisa | |
Banknotes 100, 200 baisa, ⁄2, 1, 5, 10, 20, 50 rials Coins 5, 10, 25, 50, 100 baisa | ||
The rial (Arabic: ريال, ISO 4217 code OMR) is the currency of Oman. It is divided into 1000 baisa (also written baiza, بيسة).
Contents
History
Before 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 rupees circulating on the coast and Thaler in the interior. Maria Theresa Thaler were valued at 230 paisa, with 64 paisa equal to the rupee.
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 to the rial. The Indian rupee and, from 1959, the Gulf rupee continued to circulate.
In 1970, the rial Saidi (not to be confused with Saudi riyal) was made the currency of Oman. It was equal to the British pound and replaced the Gulf rupee at a rate of approximately 21 rupees to the rial. The new rial was subdivided into 1000 baisa. The rial Omani replaced the rial Saidi at par in 1973. The currency name was altered due to the regime change in 1970 and the subsequent change of the country's name.
For a wider history surrounding currency in the region, see The History of British Currency in the Middle East.
Coins
In the 1890s, coins for 1⁄12 and 1⁄4 anna ( 1⁄3 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. 1⁄2 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, 1⁄2 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. 1⁄4 and 1⁄2 rial coins were introduced in 1980. Coins currently circulating are
100 baisa , 1⁄4 rial, and 1⁄2 rial coins made of non-precious metal were also issued in the 1980s.
Fixed exchange rate
From 1973 to 1986, the rial was pegged to U.S. dollar at 1 rial = $2.895 USD. In 1986, the rate was changed to 1 rial = $2.6008 USD, which translates to approximately $1 USD = 0.384497 rial. The Central Bank buys U.S. dollars at 0.384 rial, and sell U.S. dollars at 0.385 rial. It is the third-highest-valued currency unit after the Kuwaiti dinar and the Bahraini dinar.
Note: Rates obtained from these websites may contradict with pegged rate mentioned above