Omani rial
Worldwide use:
- Oman
Description:
In Oman, the official currency is the Omani Rial and one Omani Rial is subdivided into 1000 Baisa. It comes in denominations of 5, 10, 25 and 50 Baisa coins, 100 and 200 Baisa notes and in 1/2, 1, 5, 10, 20 and 50 Rial notes.
The Omani Rial is a descendent of the Pound Sterling. Oman was part of the British Empire but it used the Indian and Gulf Rupee instead of the Pound Sterling currency until 1970.
Origin:
Before 1940 the Indian Rupee and the Maria Theresa Thaler (also known as a Rial) were the main currencies circulating in the region of Muscat and Oman. The Thaler was valued at 230 Paisa, with 64 Paisa equal to 1 Rupee. These currencies were introduced by the British from the late 1800's during the days of the Empire. Although Oman was never part of the British Empire it had strong trading links due to its strategic location at the mouth of the Persian Gulf. After the first World War the Indian Rupee was replaced by the Florin and then by the Shilling. Between 1940–46 new coins were introduced in Oman denominated in Baisa (equal to a paisa) with 200 Baisa to a Rial. In 1970 the Sultanate of Oman replaced the Rupee with a Rial Saidi unit at an equal to the Sterling Pound. Another change took place in 1973 and the currency was renamed the Rial Omani (as a result of regime change) at par with the Rial Saidi.
Component units:
- Baisa (1000)
Date introduced:
- 7th May 1970
Central bank:
- Central Bank of Oman
Printer:
Mint:
