The national currency of the state of Oman is the local rial. By the way, it will be said that this is called not only the Omani monetary unit, but also the money of some other states. The rial is the currency of Yemen, Oman, Iran and Qatar. It was put into circulation in 1974. The Omani rial consists of thousands of buys. In the international financial system, this currency is ISO 4217 and OMR. The Omani rial was launched into circulation instead of the Said rial. At the same time, currency exchange was carried out in a ratio of 1 to 1.
Currency History of Oman
Many people wonder what currency is in Oman. It is appropriate to make a short excursion into the history of the monetary units of this state. In the XIX century, the thaler of Maria Theresa, as well as the Indian rupee, dominated in the territory of modern Oman. At the end of the 90s of the same century, copper coins with a face value of 1/12 and ¼ anna began to be minted. In 1940, the manufacture of bays was launched, and in 1948 - rials of the province of Dofari and rials of Saidi. Already in 1959, the minting of the Persian Gulf rupees began, but the rial and thaler still remained in cash.
In 1966, the Persian Gulf rupee depreciated due to the devaluation of the Indian rupee. In official circulation, only the coins of the sultanate and the thaler of Maria Theresa remained. Four years later, the Saudi rial received the status of the official currency of Oman . In this role he remained until 1974, when the Omani rial was launched.
Banknotes and coins of the Omani currency
Today in circulation are coins in denominations of five to a thousand bytes, as well as banknotes in denominations of one hundred bytes to fifty riyals. By the way, it will be said 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, the UAE dirhams are used in circulation. This currency is in use, for example, in the Omani enclave of the Principality of Fujairah, in the oasis of Buraimi.
The most widely distributed coins are of three denominations: ten, twenty five and fifty buy. It should be noted that a coin in denomination of 10 bytes is covered with bronze, and coins of 25 and 50 bytes are made of a 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, on coins, the entire text is written only in Arabic and is not duplicated in an English translation. The obverse of all Omani currency denominations contains an image of the ruler of Oman, Sultan Qaboos bin Saeed Al Saeed.
Omani bank notes
The reverse of the Omani monetary units is decorated in a different color combination using images of wild animals, birds, cities and other objects. So, a banknote of 0.1 OMR denomination is made in green and contains figures of local animals and birds. A bill in 0.2 OMR is available in turquoise color. In its design used images of the city and the seaport.
The 0.25 OMR dark blue banknote contains a fishing pattern. The bill in 0.5 OMR is made in dark green. Its reverse is decorated with a fortified castle and a raised banner. One rial has a purple color and contains an image of a sailboat. A 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 back is red. The reverse of the five rials contains images of a mosque and 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 back of the bill contains an image of the bay and fort Mutrah. The largest nominal banknote of the Omani currency is fifty riyals. It is made in lilac color, and on its reverse the building of the Ministry of Trade and Industry is depicted.
The difference between banknotes of the old and the new model
It must be emphasized that the latest samples of the Omani currency are slightly different from old paper notes. New banknotes use additional counterfeit protection. Namely - holographic stripes. In addition, it should be noted that since 2010, the Central Bank of Oman launched banknotes made on a polymer basis.
Omani Rial Course
The Omani currency is a freely convertible and stable currency. To confirm this fact, we can cite several impressive data regarding the currency of Oman. So, in 2012, the average rate of the local rial against the US dollar was 2.59. That is, for one rial they gave 2.59 US dollars. The currency of Oman against 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.
As you can see, the Omani rial has risen in price for the US dollar for five years. The difference in the ratio of the currency of Oman and the euro has become more tangible in favor of the rial. But this is primarily due to some devaluation of the EU monetary unit. The course of the Omani rial to the Russian ruble is 1 OMR = 149.26 RUB.
Currency Exchange in Oman
In Oman, you can exchange various currency units for local rials at exchange offices, banks, or large hotel complexes. The most favorable exchange rate for the Omani rial can be obtained by taking American dollars or British pounds to the country. They are exchanged both 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 widespread in Oman. At the same time, most of them can only service plastic cards issued by local banks. To buy goods and services, you can use credit and payment cards of the main world systems. In Oman, they are accepted almost everywhere.