Omani rial
From Wikipedia, the free encyclopedia
| Omani rial ريال عماني (Arabic) |
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| ISO 4217 Code | OMR |
|---|---|
| User(s) |  Oman |
| Inflation | 2% |
| Source | The World Factbook, 2006 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 |
[edit] 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.
[edit] Coins
In the 1890s, coins for 1⁄12 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 was 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.
[edit] 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 rial omani 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:
- 100 baisa
- 200 baisa
- ½ rial omani
- 1 rial omani
- 5 rial omani
- 10 rial omani
- 20 rial omani
- 50 rial omani
[edit] 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 is the fourth highest valued currency unit after the Kuwaiti dinar, Maltese lira, and the Bahraini dinar. Now it is the third highest.
| Use Yahoo! Finance: | AUD CAD CHF EUR GBP HKD JPY USD CNY KRW |
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| Use 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
[edit] See also
| Find more about Oman on Wikipedia's sister projects: | |
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[edit] References
[edit] External links
- Don's World Coin Gallery - Oman
- Ron Wise's World Paper Money - Oman Mirror site
- Tables of Modern Monetary Systems by Kurt Schuler - Asia Mirror site
- The Global History of Currencies - Oman
- Global Financial Data currency histories table (
Microsoft Excel format) - Information on Omani currency
- Omani Ministry of Foreign Affairs
| 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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