Omani Rial (OMR)
What it is
The Omani rial (OMR) is the official currency of Oman. It is subdivided into 1,000 baisa and is issued in both coin and banknote form. The currency is managed and regulated by the Central Bank of Oman.
Brief history
The Omani rial was introduced in the early 1970s, replacing the Indian rupee and the Maria Theresa thaler as part of a broader monetary modernization. Since introduction, the rial has been stabilized through a fixed exchange arrangement.
Peg to the U.S. dollar
The rial is pegged to the U.S. dollar. The peg has been adjusted historically (notably in 1986) and remains the primary mechanism for maintaining exchange-rate stability.
Denominations
Common denominations include:
Coins: baisa units (smaller coins) and rial coins for small transactions
Banknotes: various rial denominations used for larger transactions
Management and usage
- Issuing authority: Central Bank of Oman, which manages monetary policy and currency issuance.
- Practical considerations: The fixed peg to the U.S. dollar supports exchange-rate stability, which is important for trade and investment involving Omani currency.
Key takeaways
- OMR is the national currency of Oman, divided into 1,000 baisa.
- Introduced in the early 1970s, replacing the Indian rupee and Maria Theresa thaler.
- Managed by the Central Bank of Oman and pegged to the U.S. dollar, with historical adjustments to the peg.