Sign - ر.ع. / Code - OMR
Long before our corporate currency exchange brokers were helping our clients with their Omani Rial transfers, the Rial was creating its own rich history.
About the Omani Rial
Before 1940, the main currencies of Muscat and Oman (its former name) were the Indian rupee and Maria Theresa Thaler, known locally as the Rial.
In 1943, coins were introduced into Oman. In 1970, the Rial Saidi (not to be confused with the Saudi Riyal) was made the main currency of Oman, replacing the Gulf Rupee which had been introduced in 1959. It was renamed the Rial Oman due to a regime change.
Oman is a member of the Cooperation Council for the Arab States of the Gulf, along with Kuwait, Bahrain, Qatar, UAE and Saudi Arabia, which planned to introduce a single currency in 2010, although this plan has yet to be implemented.
It is the third highest-valued currency unit in the market.
Subunit: Baisa – 1/1000
Coins: 5 baisa, 10 baisa, 25 baisa, 50 baisa
Banknotes: 100 baisa, 200 baisa, ½ rial, 1 rial, 5 rial, 10 rial, 20 rial, 50 rial
Bank: Central Bank of Oman
Posted in Currency Wiki on Jun 27 2017