Omani rial

Omani rial
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. The Central Bank of Oman buys U.S. dollars at 0.384 Omani rial, and sells U.S. dollars at 0.386 Omani rial. It is the third-highest-valued currency unit in the world after the Kuwaiti dinar and the Bahraini dinar.

  • Oman
    Oman (عُمَان ' ), officially the Sultanate of Oman''' (سلْطنةُ عُمان ), is an Arab country located in Western Asia. It is situated on the southeastern coast of the Arabian Peninsula, and spans the mouth of the Persian Gulf. Oman shares land borders with Saudi Arabia, the United Arab Emirates, and Yemen, while sharing maritime borders with Iran and Pakistan. The coast is formed by the Arabian Sea on the southeast, and the Gulf of Oman on the northeast. The Madha and Musandam exclaves are surrounded by the United Arab Emirates on their land borders, with the Strait of Hormuz (which it shares with Iran) and the Gulf of Oman forming Musandam's coastal boundaries. Muscat is the nation's capital and largest city.

    From the 17th century, the Omani Sultanate was an empire, vying with the Portuguese and British empires for influence in the Persian Gulf and Indian Ocean. At its peak in the 19th century, Omani influence and control extended across the Strait of Hormuz to Iran and Pakistan, and as far south as Zanzibar. When its power declined in the 20th century, the sultanate came under the influence of the United Kingdom. For over 300 years, the relations built between the two empires were based on mutual benefit. The UK recognized Oman's geographical importance as a trading hub that secured their trading lanes in the Persian Gulf and Indian Ocean and protected their empire in the Indian sub-continent. Historically, Muscat was the principal trading port of the Persian Gulf region.