Omani rial


Omani rial
Omani rial
ريال عماني (Arabic)
ISO 4217 code OMR
User(s)  Oman
Inflation 5.3%
Source The World Factbook, 2009 est.
Pegged with rial = 2.6008 U.S. dollars
Subunit
1/1000 baisa
Symbol ر.ع.
Coins 5, 10, 25, 50 baisa
Banknotes 100, 200 baisa, ½, 1, 5, 10, 20, 50 rials
Central bank Central Bank of Oman
Website www.cbo-Oman.org

The rial (Arabic: ريال‎, ISO 4217 code OMR) is the currency of Oman. It is divided into 1000 baisa (also written baiza, Arabic: 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.[1]

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 112 and ¼ anna (⅓ 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. ½ 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, ½ 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. ¼ and ½ rial coins were introduced in 1980. Coins currently circulating are [2]

  • 5 baisa
  • 10 baisa
  • 25 baisa
  • 50 baisa

100 baisa, ¼ rial Omani, and ½ rial Omani coins made of non-precious metal were also issued in the 1980s.

Banknotes

In 1970, banknotes were introduced by the government in denominations of 100 baiza, ¼, ½, 1, 5 and 10 rial saidi. These were followed in 1973 by notes for 100 baiza, ¼, ½, 1, 5 and 10 Omani rials issued by the Oman Currency Board. 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. Notes currently circulating are:

1995 Series
Image Value Main Colour Description
Obverse Reverse Obverse Reverse
100 baisa obverse.jpg 100 baisa reverse.jpg 100 baisa Green Sultan Qaboos bin Said al Said, irrigation canal Verreaux eagle, white oryx
200 baisa obverse.jpg 200 baisa reverse.jpg 200 baisa Blueish-Green Sultan Qaboos ibn Said Al Said, Seeb (Muscat) and Salalah airports Marine Science & Fisheries Center; Port Qaboos, Muttrah (Muscat)
Oman Half rial obverse.jpg Oman Half rial reverse.jpg ½ rial Brownish-purple Sultan Qaboos ibn Said Al Said, Bahla fortress Al-Hazim fort, Nakhl fort
1 oman rial obverse.jpg 1 Oman rial reverse.jpg 1 rial Purple Sultan Qaboos ibn Said Al Said, Sultan Qaboos Sports Complex Omani Khanjar (dagger), silver bracelets and ornaments, dhows
5 Oman rial obverse.jpg 5 Oman rial reverse.jpg 5 rials Red Sultan Qaboos ibn Said Al Said, Sultan Qaboos University Nizwa
10 rials Brown Sultan Qaboos ibn Said Al Said, Al-Nadha tower Muttrah fort
20 rials Green Sultan Qaboos ibn Said Al Said, Central Bank of Oman building (Muscat) Muscat Security Market, Rysayl industrial area
50 rials Pink & violet Sultan Qaboos ibn Said Al Said, Ministry of Finance and Economy Building (Muscat) Cabinet building and Ministry of Finance and Industry building (Muscat)

A new 1 rial note is now in circulation alongside the 1970 note which is still accepted. The new 1 rial note is red, similar to the 5 rial note.

Although the 100 baisa and 20 rial notes are both green, the former is considerably smaller, and thus the two are easily distinguishable.

Fixed exchange rate

From 1973 to 1986, the rial was pegged to U.S. dollar at 1 rial = 2.895 dollars. In 1986, the rate was changed to 1 rial = 2.6008 dollars,[1] which translates to approximately 1 dollar = 0.384497 rial. The Central Bank buys U.S. dollars at 0.384 rial, and sell U.S. dollars at 0.385 rial.[2] Before Malta's adoption of the euro on 1 January 2008, it was the fourth highest-valued currency unit after the Kuwaiti dinar, Maltese lira, and the Bahraini dinar. Now it is the third highest.

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

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

See also

References

External links

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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Look at other dictionaries:

  • Omani rial — noun the basic unit of money in Oman • Syn: ↑riyal omani, ↑rial • Hypernyms: ↑Omani monetary unit • Part Meronyms: ↑baiza, ↑baisa …   Useful english dictionary

  • Omani Rial — Rial Land: Oman Unterteilung: 1000 Baisa ISO 4217 Code: OMR Abkürzung: RO Wechselkurs: (17. März 2009) 1 OMR = 2,6008 …   Deutsch Wikipedia

  • Rial omaní — Saltar a navegación, búsqueda Rial omaní ريال عماني en árabe Cono monetario omaní …   Wikipedia Español

  • Rial — (arabisch, auch Riyal oder Ryal, von Real, einer spanischen Münze) ist der Name folgender Währungen: Saudi Rial in Saudi Arabien Katar Riyal in Katar Jemen Rial in Jemen Iranischer Rial im Iran Omani Rial in Oman Marokkanischer Rial in Marokko… …   Deutsch Wikipedia

  • Rial — may refer to:* Rial (surname) * Rial (racing team), a German Formula One team that raced between 1988 and 1989In currency: * Iranian rial, the official currency of Iran * Omani rial, the official currency of Oman * Yemeni rial, the official… …   Wikipedia

  • Omani monetary unit — noun monetary unit in Oman • Hypernyms: ↑monetary unit • Hyponyms: ↑riyal omani, ↑Omani rial, ↑rial, ↑baiza, ↑baisa …   Useful english dictionary

  • rial — rial1 /ree awl , ahl /, n. a silver or cupronickel coin and monetary unit of Iran, equal to 100 dinars. [1930 35; < Pers < Ar riyal RIYAL] rial2 /ruy euhl/, n. ryal. rial3 /ree awl , ahl /, n. riyal. * * * ▪ …   Universalium

  • Omani League — Countries Oman Confederation AFC …   Wikipedia

  • Rial Omani — Rial Land: Oman Unterteilung: 1000 Baisa ISO 4217 Code: OMR Abkürzung: RO Wechselkurs: (17. März 2009) 1 OMR = 2,6008 …   Deutsch Wikipedia

  • Rial — Saltar a navegación, búsqueda Rial (en árabe ريال, riyal, pl. ريالات, riyalat; en persa ریال) es la denominación de la moneda de varios países del Medio oriente: Rial iraní, la moneda oficial de Irán Rial omaní, la moneda oficial de Omán Rial… …   Wikipedia Español


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