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Omani rial

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Omani rial
ريال عماني (Arabic)
ISO 4217
CodeOMR (numeric: 512)
Subunit0.001
Unit
Symbolر.ع. R.O or ﷼‎
Denominations
Subunit
 1⁄1000baisa
Banknotes
 Freq. used100 baisa, 1⁄2, 1, 5, 10, 20, 50 rials
Coins
 Freq. used5, 10, 25, 50 baisa
Demographics
User(s) Oman
Issuance
Central bankCentral Bank of Oman
 Websitecbo.gov.om
Valuation
Inflation4.1%
 SourceThe World Factbook, 2011 est.
Pegged withUS dollar (USD)[1]
1 USD = 0.384497 OMR

The Omani rial (Template:Lang-ar, ISO 4217 code OMR) is the currency of Oman. It is divided into 1000 baisa (also written baiza, بيسة).

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 sells U.S. dollars at 0.386 Omani rial.[3] It is the third-highest-valued currency unit in the world after the Kuwaiti dinar and the Bahraini dinar.

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

Note: Rates obtained from these websites may contradict with pegged rate mentioned above.[citation needed]

History

See also: British currency in the Middle East

Until 1940, the Indian rupee and the Maria Theresa thaler (known locally as the rial due to its similar size to the Spanish eight-real coin) 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 Saidi rial.

On 7 May 1970[5][6] the Saidi rial (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 Saidi rial = 21 Gulf rupees. The Saidi rial was subdivided into 1000 baisa. The Omani rial replaced the Saidi rial at par on 11 November 1972.[6][7][8] 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 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 5, 10, 25 and 50 baisa

Coins with the value of 100 baisa and above lost their monetary value on 20 May 2020.[9]

Omani Qaboos coins
Image Value Diameter Mass Composition Edge Obverse Reverse Year of
Obverse Reverse first minting
5 baisa 19 mm 2.65 g Copper-clad steel Smooth Qaboos bin Sa'id, Sultan of Oman Year of minting 1999
10 baisa 22.5 mm 4.1 g Copper-clad steel Smooth Qaboos bin Sa'id, Sultan of Oman Year of minting 1999
25 baisa 22.5 mm 2.63 g Nickel-plated steel Reeded Qaboos bin Sa'id, Sultan of Oman Year of minting 1999
50 baisa 24 mm 5.57 g Nickel-plated steel Reeded Qaboos bin Sa'id, Sultan of Oman Year of minting 1999
100 baisa 21.5 mm 4.20 g Copper-nickel Reeded Sultanate of Oman Year of minting 1984
1⁄4 riyal 26 mm 6.5 g Aluminium bronze Lettered Sultanate of Oman Year of minting 1979
1⁄2 riyal 30 mm 10 g Aluminium bronze Reeded Sultanate of Oman Year of minting 1979

Banknotes

On 7 May 1970, the Sultanate of Muscat and Oman issued banknotes in denominations of 100 baisa, 1⁄4, 1⁄2, 1, 5 and 10 rial saidi.[10] These were followed by notes for 100 baisa, 1⁄4, 1⁄2, 1, 5 and 10 Omani rials issued by the Oman Currency Board on 18 November 1972.[11]

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 on 1 November 1995, and the 5-rial notes and higher were updated in 2000 with foil strips.

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.[12]

After 30 July 2019, all banknotes issued before 1 November 1995 became invalid, as well as the 5 to 50 rial banknotes issued on that date without foil strips. The 5 to 50 rial banknotes of the 1995 series with foil strips, released into circulation from 2000, remain valid.[13] Thus, as of 2020, banknotes in circulation are mainly the 2010 series of 5 to 50 rial, the 2015 1-rial note, and the 1995 series of 100 baisa and 1⁄2 rial. The 1995 200-baisa note, the 1995 and 2005 1-rial notes, and the 2000 release of 5-50 rial notes are still accepted but not commonly seen. Coins in circulation are mainly 25 and 50 baisa, with 5 and 10 baisa used in shops whose pricing requires them.

A new series of banknotes has been released with sultan Haitham bin Tariq on the obverse.

1973 Series
Image Value Main Colour Description
Obverse Reverse Obverse Reverse
100 baiza Brown
1⁄4 rial Blue
1⁄2 rial Green
1 rial Red
5 rials Purple
10 rials Brown-Black
1977 Series
Image Value Main Colour Description
Obverse Reverse Obverse Reverse
100 baiza Orange
200 baiza Purple
1⁄4 rial Blue
1⁄2 rial Green
1 rial Red
5 rials Maroon
10 rials Brown-Black
20 rials Dark Green
1985 Series
Image Value Main Colour Description
Obverse Reverse Obverse Reverse
100 baiza Red-Brown
200 baiza Purple
1⁄4 rial Blue
1⁄2 rial Green
1 rial Red
5 rials Maroon
10 rials Dark Brown
20 rials Brown-Black
50 rials Dark Green
1995 Series
Image Value Main Color Description
Obverse Reverse Obverse Reverse
100 baisa Green Sultan Qaboos bin Said al Said, irrigation canal Verreaux eagle, white oryx
200 baisa Blue Sultan Qaboos bin Said Al Said, the old terminals of Salalah Airport and Muscat International Airport Marine Science & Fisheries Center, Port Qaboos, Muttrah
1⁄2 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 Orange-Red
10 rials Brown
20 rials Green
50 rials Pink & Violet
2005 Series / 35th National Day
1 rial Pink-Purple
2010 Series / 40th National Day
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)
2015 Series / 45th National Day
Image Value Main Colour Description
Obverse Reverse Obverse Reverse
1 rial Purple
2019 (40th National Day) Enhanced Security
Image Value Main Colour Description
Obverse Reverse Obverse Reverse
50 rials Pink & Violet
2020 Series[14]
Image Value Main Colour Description
Obverse Reverse Obverse Reverse
100 baiza Brown Terraces of Jebel Akhdar, national emblem Coconut trees (Dhofar), Falaj Al-Jeela (Ash Sharqiyah South)
1⁄2 rial Green Ain Khor (Dhofar), Frankincense (Dhofar), national emblem Arabian leopard (Dhofar), sooty falcon (Muscat & Al Batinah South)
1 rial Red Oman Across Ages Museum (Ad Dakhiliyah), national emblem Khasab Castle (Musandam), Wadi Al-Ayn Tombs (Ad Dhahirah), Jirz axe (Musandam), Omani khanjar
5 rials Pink-Red
10 rials Brown
20 rials Blue
50 rials Green-Grey

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. ^ "Global Financial Data". Archived from the original on 2007-09-26. Retrieved 2007-03-15.
  5. ^ Central Bank of Oman - Currency Museum
  6. ^ a b Omani rial at Exchange Currency
  7. ^ Oman at Encyclopedia.com
  8. ^ Currency of Oman: Omani rial at Mataf
  9. ^ "These coins will be cancelled by the Central Bank of Oman".
  10. ^ Linzmayer, Owen (2012). "Muscat and Oman". The Banknote Book. San Francisco, CA: www.BanknoteNews.com.
  11. ^ Linzmayer, Owen (2012). "Oman". The Banknote Book. San Francisco, CA: www.BanknoteNews.com.
  12. ^ "Oman banknotes - Oman paper money catalog and Omani currency history".
  13. ^ "Old banknotes will not be valid after one month: Central Bank of Oman".
  14. ^ "New Banknotes Go into Circulation Starting Today". Virgin Radio Oman. 11 January 2021. Retrieved 11 September 2022.
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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