Omani Rial Currency

Introduction

The Arabic currency is Rial and serves as the official currency to majority countries. Saudi riyal, Iranian rial, Qatari riyal, Omani rial and Yemeni rial are some of the denominated rial currencies. Omani rial is the highly valued currency and is among top five in the world. Omani rial is the Sultanate of Oman currency since 1973.

This currency is divided into 1000 equal parts known as ‘Baiza’. The currency code as per ISO 4217 is OMR and 512 is the numeric code.

Market trend

The economy of Oman is characterized by gas and oil resources. This is one of the best economies though Arabia is quite smaller in size comparatively. The inflation rate is low helping the economy to maintain stability and is also assisting the government to acquire self-dependency. The economical stability proves Oman to be a place for safe investment. The highest valued currencies include Omani rial in the 4th position after Kuwaiti dinar, Maltese lira and Bahraini dinar.

This currency is pegged to the US dollar and the exchange rate of the rial-dollar from 1973 to 1986 was fixed @ 1 rial = 2.895 dollars. In the year 1986, small adjustments were made and the rial was devalued, thereby fixing a new exchange rate as 1 rial= 2.6008 dollars. This is continuing even today.

Structure

Banknotes dominating the currency have extensive face values and coins were in fewer denominations. Coinage is in 4 denominations 5, 10, 25 and 50 baisa. The design and pattern of this coinage remains unaltered.

The front side of the coin has national emblem embossed with two crossed swords imposing a Khanjar dagger in sheath. The back side of the coin has the value written in Arabic numerals.

The paper currency is in 8 denominations. Banknotes are popular and the pattern was not forced to face drastic changes and looked the same.

The notes were in 2 types and the 1st type banknotes had values lesser than and equal to 1 rial, while the 2nd type notes had higher than 1 rial. The designs differ in both the types and in fact the later notes category was re-issued in 2000.