Omani Rial

Overview

The Omani Rial is the official currency of Oman.

Economy

• Oman’s has achieved significant economic growth since the early 1990s based on the increase in oil prices in 1999.
• Oman liberalized its markets in order gain membership in the World Trade Organization, which it joined in 2000.
• The main supports of the economy are no longer goat and camel herding, traditional handicrafts, fishing, and agriculture.
• At present, Oman’s economy is based in its oil industry. Oil was discovered in 1964 by Fahud in the western desert, and oil production began in August 1967.
• In the mid-2002, oil production was more than 900,000 barrels per day. Its oil production maintained and supported its exporting demands, but Oman is not a member of the Organization of Petroleum Exporting Countries (OPEC).

History

• The Indian Rupee and Maria Theresa Thaler were the main currencies in Muscat and Oman. Indian Rupees circulated on the coast and the Thaler was used in the interior.
• In 1940, coins were introduced in Dhofar, and in 1946 another series of coins was issued for use in Oman. Both coins were denominated in Baisa, with a rate of 200 Baisa = 1 Rial.
• The Saudi Riyal became the official currency of Oman in 1970. The Saudi Riyal was equivalent to the British Pound and replaced the Gulf Rupee at a rate of 21 Rupees = 1 Rial.
• The Omani Rial replaced the Saudi Riyal in 1973.