Currency of Oman: Omani Riyal

The national Omani currency is the Omani rial, which is designated in the international currency market as OMR.

Description

This monetary unit is a state banknote in Oman. On the map it can be found if you look at the Arabian Peninsula, in the southeastern part of which is the Arab state.

One rial of Oman is divided into 1000 bytes of Oman. To date, the currency of Oman is a fairly expensive, stable and highly freely convertible monetary unit. This is largely due to the fact that the Sultanate is among the oil exporting countries along with other oil producing countries of the Persian Gulf, among them Saudi Arabia, the United Arab Emirates, Qatar and Kuwait.

Thanks to petrodollars, Oman managed to develop its economy quite well, thus raising not only the standard of living of its citizens, but also stabilizing the national currency.

Short story

In the 19th century, Maria Theresa's thalers and Indian rupees applied in the territory of modern Oman , as there was no national currency in the country, and the country itself as such did not exist at that time.

Then the rivals Dophari and Saidi were used, which were used as the state currency in Oman before 1970. In the period from 1959 to 1966 in circulation was also a rupee of the Persian Gulf. And several currencies were in the process at the same time.

In 1966, the Indian rupee greatly depreciated, so the countries of the Persian Gulf, which used up to this point rupee as a monetary unit on its territory, were forced to abandon its further application.

In 1970, Riyal Saidi became the only national currency of Oman. His course was equal to the rate of the British pound sterling.

In 1974, the Omani rial was introduced into circulation, which became the only currency in the country. Rial Saidi was exchanged for Omani at the rate of one to one. This money symbol is used in the country to this day.

Coins

To date, the Sultanate of Oman officially uses a change of coins, which are called bytes. There is one thousand in one riyal. In circulation are coins worth five, ten, twenty-five, fifty and one hundred. The most commonly used of them are coins of ten, twenty-five and fifty-dollar.

As a rule, coins of Oman are made of steel, clad with either bronze or copper-nickel alloy.

Banknotes

To date, paper denominations of one hundred and two hundred bazis are used on the territory of the Sultanate of Oman, as well as one fourth, one second, one, five, ten, twenty-five and fifty rials.

All the inscriptions on the obverse of the banknotes are written in Arabic. Also there one can see a portrait of Sultan Qaboos bin Said, who is not just a legendary person and ruler of Oman, but also, in fact, the founder of this state, because he united the Imamat of Oman and the Sultanate of Muscat in a single state of Oman.

On the reverse side of the denominations are depicted scenes from the life of the Arabs, architectural heritage, as well as representatives of the animal world. All the inscriptions depicted on the reverse of the notes are not written in Arabic, but in English.

Rial: Course

The Omani currency is one of the most expensive in the modern world currency market. This is due to many factors that affect OMR quotes.

First and foremost, the high cost of currency is associated with huge financial injections into the economy of Oman thanks to petrodollars. The second point that affects the high cost of this currency is the stability of this currency, which in turn is ensured by a stable political and military situation in the country since the 70s of the XX century.

To date, the rate of rial to the ruble is approximately 148 rubles for one rial of Oman. Accordingly, for one ruble you can get no more than 0.007 riyals.

Proceeding from this it becomes obvious that the currency of Oman costs much more than the US dollar or the European currency. For one American dollar, you can get about 0.38 OMR, therefore, in one rial contains more than two and a half dollars.

For the euro, you can earn about 0.43 riyals, that is, for one rial you can get about 2.3 euros. Thus, it turns out that the Omani currency is much more expensive than any European or American currency.

It should be noted that Omanis are very proud of the national money, therefore, it's not worth to go to this country, taking rubles with you or another unpopular currency in this country. In Oman, you will be able to exchange except that US dollars, euros and British pounds. It will also be easy to exchange Indian rupees.

All other monetary units, let alone Russian rubles, are practically impossible to use in Oman. By the way, exchange offices in the country work only in the first half of the day, until there is an unbearable heat. Then break. And approximately from 16:00 to 20:00 they are again open for work. On Friday, not one exchange office.

Oman is a modern and rich country, so there are no problems when paying with plastic bank cards. Virtually all shops, cafes and other organizations accept debit and credit cards.

Conclusion

The currency of Oman, like the Sultanate of Oman itself, is stability and firmness. As already mentioned above, Omanis are very proud of their national currency, because riyal symbolizes the independence, stability and strength of Oman.

Due to high income, oil and gas wealth and foreign investment inflow Oman, on the map of which it is possible to find many oil deposits, it was possible to create a powerful and strong economy, as well as a politically stable state. This is the main reason for such a high cost of the national currency of this country and its stability for many years.

Even against the background of other national currencies of the Arab oil exporting countries, the currency of Oman stands out strongly. First of all, the fact that it stands on the world foreign exchange market is much higher than, say, UAE dirham or Saudi Arabia's riyal.

The difference in the value of the currencies of neighboring states with Oman can be 5-6, or even more times. This difference is primarily due to a more stable political situation in the country and more openness to foreign tourists and investments.