Currency of Oman: Rial

2024 Author: Howard Calhoun | [email protected]. Last modified: 2023-12-17 10:16

The national currency of Oman is the local rial. It will be by the way to say that this is the name not only of the Omani monetary unit, but also the money of some other states. Rial is the currency of Yemen, Oman, Iran and Qatar. It was put into circulation in 1974. The Omani rial is subdivided into 1,000 baises. In the international financial system, this currency has the ISO 4217 code and the OMR designation. The Omani rial was put into circulation instead of the Said rial. At the same time, the currency exchange was carried out in the ratio of 1 to 1.

History of the currency of Oman

Many are wondering what is the currency in Oman? Here it is appropriate to make a short digression into the history of the monetary units of this state. In the 19th century, the territory of modern Oman was dominated by the Maria Theresa thaler, as well as the Indian rupee. In the late 90s of the same century, copper coins of 1/12 and ¼ annas began to be minted. In 1940, the production of baiz was launched, and in 1948 - rials of the province of Dhofari and rials of Saidi. Already in 1959, the minting of the Persian Gulf rupees began, but the rial and thaler still remained in circulation.

The depreciation of the rupee occurred in 1966Persian Gulf, caused by the devaluation of the Indian rupee. Only the coins of the Sultanate and the taler of Maria Theresa remained in official circulation. Four years later, the said rial received the status of the official currency of Oman. He remained in this role until 1974, when the Omani rial was put into circulation.

Banknotes and coins of the Omani currency

Currently, coins in denominations from five to one thousand baizes, as well as banknotes in denominations from one hundred to fifty rials are in circulation. By the way, it will be said that other monetary units are also used on the territory of the state. At the same time, the local population prefers to use the national currency of Oman for various transactions. In addition, in some regions of the country, UAE dirhams are used in circulation. This currency is in circulation, for example, in the Omani enclave of the Principality of Fujairah, in the oasis of Buraimi.

The most widely used coins are three denominations: ten, twenty-five and fifty bize. It should be noted that the 10 baize coin is plated with bronze, while the 25 and 50 baize coins are made of cupro-nickel alloy.

A distinctive feature of Omani banknotes is that the inscriptions on them are made in English on one side and in Arabic on the other. At the same time, all the text on the coins is written only in Arabic and is not duplicated in English translation. The obverse of all Omani banknotes contains the image of the ruler of Oman, Sultan Qaboos bin Said Al Said.

Decoration of the reverse side of Omani banknotes

Reverse Omanicurrency units are decorated in different color combinations using images of wild animals, birds, cities and other objects. Thus, the 0.1 OMR banknote is made in green and contains figures of local animals and birds. The 0.2 OMR banknote is available in turquoise. Its design uses images of the city and the seaport.

The dark blue 0.25 OMR banknote features a fishing pattern. The 0.5 OMR note is dark green. Its reverse is decorated with a fortified castle and a raised banner. One rial has a purple color and contains the image of a sailboat. The denomination of five rials is made using different colors on the obverse and reverse. So, the front side of this banknote is pale blue, and the reverse side is red. The reverse of five rials contains images of a mosque and a city panorama.

The denomination of ten rials is also made using a combination of colors. The obverse of the banknote is pale blue, while the reverse is light brown. The reverse side of the banknote contains the image of the bay and the fort of Mutrah. The largest banknote of the Omani currency is fifty rials. It is made in lilac color, and the building of the Ministry of Trade and Industry is depicted on its reverse.

The difference between old and new banknotes

It should be emphasized that the latest samples of the Omani currency are slightly different from the old paper bills. In new banknotesadditional means of protection against forgery are used. Namely - holographic stripes. In addition, it should be noted that since 2010, the Central Bank of Oman has put into circulation banknotes made on a polymer basis.

Omani rial exchange rate

The Omani currency is a freely convertible and stable currency. As confirmation of this fact, we can cite some impressive data regarding the currency of Oman. So, in 2012, the average exchange rate of the local rial against the US dollar was 2.59. That is, for one rial they gave 2.59 US dollars. The exchange rate of the Omani currency against the euro at that time was 1 OMR=2.02 EUR. In 2017, the ratio between the Omani rial and the main world reserve currencies is: 1 OMR=2.60 USD and 1 OMR=2.32 EUR.

As you can see, against the US dollar, the Omani rial has risen in price a little over the past five years. The difference in the ratio of the Omani currency and the euro has become more tangible in favor of the rial. But this is primarily due to some devaluation of the EU currency. The exchange rate of the Omani rial to the Russian ruble is 1 OMR=149.26 RUB.

Currency exchange in Oman

In Oman, you can exchange various currencies for local rials at exchange offices, banks or large hotel complexes. The most favorable exchange rate for the Omani rial can be obtained if you bring American dollars or British pounds sterling with you to the country. It is easier and more convenient to exchange them.

Banking institutions operate in Oman in the following mode: fromSaturday to Wednesday from 8 am to noon, Thursday from 8:00 am to 11:00 am. Some exchange offices are open until seven o'clock in the evening. In addition, it should be noted that ATMs are widespread in Oman. At the same time, most of them can only serve plastic cards issued by local banks. To purchase goods and services, you can use credit and payment cards of the world's major systems. In Oman, they are accepted almost everywhere.