Currency of Oman: Rial

The national currency of the state of Oman is the local rial. It will be by the way to say that this is not only the name 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 consists of a thousand byzes. In the international financial system, this currency unit has the ISO 4217 code and the OMR designation. Omani rial was put into circulation instead of Saida rial. At the same time, the exchange of currencies was carried out in a ratio of 1 to 1.

History of Oman's monetary units

Many people ask themselves, 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 thaler of Maria Theresa, as well as the Indian rupee, dominated the territory of modern Oman. At the end of the 90s of the same century copper coins with the nominal value of 1/12 and ¼ anna were started to be minted. In 1940, the production of baizes was launched, and in 1948 - the rials of Dophari province and Siali rials. Already in 1959, the coinage of the Rs. Of the Persian Gulf began, but rial and thaler remained in monetary circulation.

In 1966 there was a devaluation of the rupee of the Persian Gulf, caused by the devaluation of the Indian rupee. In the official circulation there were only coins of the sultanate and thaler of Maria Theresa. Four years later, the status of the official currency of Oman was Saida rial. In this role, he stayed until 1974, when the Omani rial was launched into circulation.

Banknotes and coins of the Omani monetary unit

For today in circulation there are coins in denomination from five up to one thousand bajz, and also denominations in nominal value from one hundred to fifty riyals. It will be by the way to say that other monetary units are used on the territory of the state. At the same time, the local population prefers to use the national currency of Oman for various operations. In addition, in some regions of the country, UAE dirhams are in circulation. This monetary unit has circulation, for example, in the Omani enclave of the Principality of Fujairah, in the oasis of Buraimi.

The coins of three denominations were the most widely distributed: ten, twenty-five and fifty bytes. It should be noted that the 10-pound coin is covered with bronze, and the coins of 25 and 50 baize are made of copper-nickel alloy.

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

Execution of the reverse side of Omani banknotes

The reverse of the Omani currency units is decorated in a different color combination using images of wild animals, birds, cities and other objects. Thus, a banknote of 0.1 OMR is made in green and contains figures of local animals and birds. A denomination of 0.2 OMR is available in turquoise. Its design uses images of the city and the seaport.

A dark blue banknote with a denomination of 0.25 OMR contains a drawing of the fishing industry. The note in 0.5 OMR is executed in a dark green color. Its reverse is decorated with a fortified castle and a raised banner. One rial is purple 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 one is red. The reverse of five rials contains images of a mosque and a city panorama.

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

The difference between old and new banknotes

It should be emphasized that the latest samples of the Omani monetary unit are slightly different from the old paper bills. In new banknotes additional means of protection against counterfeiting are used. Namely - holographic bands. In addition, it should be noted that since 2010, the Central Bank of Oman has launched banknotes made on a polymer basis.

Omani Rial Course

The Omani monetary unit is a freely convertible and stable currency. As evidence of this fact, several impressive data concerning the currency of Oman can be cited. So, in 2012 the average rate of local rial against the US dollar was 2.59. That is, for one rial was given $ 2.59. The exchange rate of the currency of Oman to the euro at that time was 1 OMR = 2.02 EUR. In 2017, the ratio between the Omani rial and the main reserve world currencies is: 1 OMR = 2.60 USD and 1 OMR = 2.32 EUR.

Apparently, relative to the US dollar, the Omani rial increased slightly in five years. The difference in the ratio of the currency of Oman and the euro has become palpable in favor of rial. But this is due primarily to some devaluation of the EU monetary unit. 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 monetary units for local riyals in exchange offices, banks or large hotel complexes. The most profitable exchange rate for Omani rial can be obtained if you take with you to the country American dollars or British pounds sterling. They are exchanged and easier, and more convenient.

Banking institutions operate in Oman in this mode: from Saturday to Wednesday from eight in the morning until noon, on Thursday from 8:00 to 11:00. Some exchange offices are open until seven in the evening. In addition, it should be noted that ATMs are widely distributed 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 major world systems. In Oman, they are accepted almost everywhere.