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Currency of Oman

The Omani rial (ريال, ISO 4217 code OMR) is the currency of Oman. It is divided into 1000 baisa (also written baiza, بيسة).

From 1973 to 1986, the rial was pegged to the U. S. dollar at 1 Omani rial = US$2.895. The rate was changed in 1986 to 1 Omani rial = US$2.6008, which translates to approximately US$1 = 0.384497 rial. As of 2023, the Central Bank of Oman bought U. S. dollars at 0.384 Omani rial, and sold U. S. dollars at 0.385 Omani rial. It is as of 2024 the third highest valued currency unit in the world after the Kuwaiti dinar and the Bahraini dinar.

Until 1940, the Indian rupee and the Maria Theresa thaler (known locally as the rial due to its similar size to the Spanish eight real coin) were the main currencies circulating in Muscat and Oman, as the state was then known, with Indian rupees circulating on the coast and thaler in the interior. Maria Theresa thaler were valued at 230 paisa, with 64 paisa = 1 rupee. In 1940, coins were introduced for use in Dhofar, followed, in 1946, by coins for use in Oman. Both coinages were denominated in baisa (equivalent to the paisa), with 200 baisa = 1 rial. The Indian rupee and, from 1959, the Gulf rupee continued to circulate. On 6 June 1966, India devalued the Gulf rupee against the Indian rupee. Following the devaluation, several of the states still using the Gulf rupee adopted their own currencies. Oman continued to use the Gulf rupee until 1970, with the government backing the currency at its old peg to the pound, when it adopted the Saidi rial. On 7 May 1970 the Saidi rial (named after the House of Al Said, not to be confused with Saudi riyal) was introduced as the currency of Oman to replace the Gulf rupee. It was equal to the British pound sterling and 1 Saidi rial = 21 Gulf rupees. The Saidi rial was subdivided into 1000 baisa. The Omani rial replaced the Saidi rial at par on 11 November 1972. At that time, the currency became pegged to the US dollar at 1 Omani rial = US$2.895, instead of the pound sterling, a rate that would continue until 1986, when it was devalued by about 9% to 1 Omani rial = US$2.6008. The currency name was altered due to the regime change in 1970 and the subsequent change of the country's name. Since 1975, new coins have been issued with the country's name given as Oman.

In the 1890s, coins for 1/12 and 1/4 anna (1/3 and 1 paisa) were minted specifically for use in Muscat and Oman. In 1940, coins were issued for use in Dhofar in denominations of 10, 20 and 50 baisa. 1/2 rial coins were added in 1948, followed by 3 baisa in 1959. In 1946, 2, 5 and 20 baisa coins were introduced for use in Oman. These were followed, between 1959 and 1960, by 3 baisa, 1/2 and 1 rial coins. In 1970, a coinage for all of Muscat and Oman was introduced. Denominations were 2, 5, 10, 25, 50 and 100 baisa. In 1975, new coins were issued with the country's name given as Oman. 1/4 and 1/2 rial coins were introduced in 1980. Coins currently circulating are 5, 10, 25 and 50 baisa. On 20 May 2020, coins with denominations of 100 baisa and more lost their monetary value. Qaboos coins Image Value Diameter Mass Composition Edge Obverse Reverse Year of Obverse Reverse first minting 5 baisa 19 mm 2.65 g Copper clad steel Smooth Qaboos bin Sa'id, Sultan of Oman Year of minting 1999 10 baisa 22.5 mm 4.1 g Copper clad steel Smooth Qaboos bin Sa'id, Sultan of Oman Year of minting 1999 25 baisa 22.5 mm 2.63 g Nickel plated steel Reeded Qaboos bin Sa'id, Sultan of Oman Year of minting 1999 50 baisa 24 mm 5.57 g Nickel plated steel Reeded Qaboos bin Sa'id, Sultan of Oman Year of minting 1999 100 baisa 21.5 mm 4.20 g Copper nickel Reeded Sultanate of Oman Year of minting 1984 1/4 riyal 26 mm 6.5 g Aluminium bronze Lettered Sultanate of Oman Year of minting 1979 1/2 riyal 30 mm 10 g Aluminium bronze Reeded Sultanate of Oman Year of minting 1979