Omani Sul Riyal (OMR)

Description:

The official currency of Oman (Omani Sul Riyal) is pegged to the US dollar at approximately 3.85 OMR per dollar.

1 Riyal = 1000 Baiza

FX chart data provided by Saxo Bank

Currency history:

Muscat, the capital, was occupied by the Portuguese from 1508 to 1648, by the Ottoman Turks from 1648 until 1741 when Ahmad ibn Sa'id forced them out. Muscat and Oman became a de facto sovereign state in 1784, expanded to the east, and for a while, Zanzibar was the capital of the Oman Sultanate. Zanzibar separated from Muscat and Oman on April 6, 1861. Muscat and Oman became an informal British protectorate in 1891, and the Sultanate of Oman was established on August 9, 1970.

Maria Theresa Thalers (XMTT) circulated in the interior of Muscat and Oman, and the Indian Rupee (INR) circulated in the coastal regions of Muscat and Oman and was the official currency until the 1959. The Baiza was the lowest denomination coin, with 1 Maria Theresa Thaler equal to 230 Baiza and 1 Indian Rupee equal to 64 Baiza. The Persian Gulf Rupee (XPGR) replaced the Indian Rupee at par on April 1, 1959.

When the Sultanate of Oman was established in 1970, Oman replaced the Persian Gulf Rupee with the Oman Riyal Saidi (OMS), which was introduced at par with the British Pound Sterling and equal to about 21 Persian Gulf Rupees. The Riyal Omani (OMR) replaced the Riyal Saidi on November 11, 1972 at par. Banknotes were issued by the Sultanate of Muscat and Oman from 1970 until 1973, by the Oman Currency Board from 1973 until 1977, and by the Central Bank of Oman from 1977 on. The Riyal Saidi and Riyal Omani are divisible into 1000 Baiza.

Historical data source: Global Financial Data

» Central Bank of Oman