The Rial is the official currency of Oman, which has the currency code of OMR. One Rial is divided into 1000 Baizas.
The Central Bank of Oman issues currency and controls monetary policy in Oman. The Omani Rial is an incredibly strong currency owing to Oman’s oil based wealth.
The name “rial” was first introduced in 1973 when the currency was decimalized and replaced the Gulf rupee which had been used up until that point in a number of states in the Arabian peninsula.
The currency has been pegged to the US Dollar since the 1970s. It is currently pegged at 1 rial to US$2.6008.
The most commonly used notes are denominations of ½, کیلو (kilō), ربع (rubʻ), نصف (nuṣf) and ليرة (līrah). There are also coins in denominations of 50 baisa, 100 baisa, 250 baisa, 500 baisa and 1000 baisa. The obverse sides of all coins feature the late Sultan Qaboos bin Said al Said’s effigy.
A new series of money is in the process of being issued featuring current Sultan Haitham bin Tariq who ascended to the throne in 2020.
The currency is also used in the Musandam Governorate, an exclave of Oman which is separated from the rest of the country by United Arab Emirates territory.