Currency of Oman: The Omani Rial (OMR)
The Omani Rial, symbolized as OMR, is the official currency of Oman. It is subdivided into smaller units called baisa, available in both coin and banknote forms. The Omani Rial is regulated and managed by the Central Bank of Oman.
A Deep Dive into the Omani Rial (OMR)
The inception of the Omani Rial dates back to the early 1970s, established to replace the Indian Rupee and Maria Teresa Thaler amidst significant economic modernization. This transition was crucial for economic sustainability following a period of rebellion. Notably, the OMR is pegged to the U.S. Dollar, with an adjustment made to the peg rate in 1986, thereby maintaining its stability and facilitating international trade.
Related Terms: Indian Rupee, US Dollar, pegged currency, Central Bank, Maria Teresa Thaler
References
- Central Bank of Oman. “Currency”.
- Central Bank of Oman. “Currency Museum”.
- Central Bank of Oman. “The Fixed Peg of the RO to the US Dollar”.
Get ready to put your knowledge to the test with this intriguing quiz!
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## What is the currency code for the Omani Rial?
- [ ] ORI
- [ ] AMR
- [x] OMR
- [ ] ODR
## Which country's official currency is the Omani Rial?
- [ ] Qatar
- [ ] Jordan
- [ ] Bahrain
- [x] Oman
## What is the subdivision of the Omani Rial?
- [ ] 100 cents
- [ ] 100 sen
- [x] 1000 baisa
- [ ] 100 fils
## Which organization is responsible for minting and issuing the Omani Rial?
- [ ] Qatar Central Bank
- [ ] Central Bank of Jordan
- [ ] Central Bank of Bahrain
- [x] Central Bank of Oman
## When was the Omani Rial introduced?
- [ ] 1954
- [ ] 1965
- [x] 1970
- [ ] 1985
## Which of the following symbols is commonly used to denote the Omani Rial?
- [ ] Q$
- [x] ر.ع.
- [ ] $𝑟𝑖𝑎𝑙
- [ ] JD
## How many baisa make up one Omani Rial?
- [ ] 100
- [ ] 500
- [ ] 2500
- [x] 1000
## What was the currency replaced by the Omani Rial in 1970?
- [ ] Qatari Riyal
- [x] Saidi Rial
- [ ] Bahraini Dinar
- [ ] Indian Rupee
## What economic sector is a primary contributor to the value of the Omani Rial?
- [ ] Agriculture
- [ ] Tourism
- [x] Oil and Gas
- [ ] Manufacturing
## Which of the following countries does Oman have a fixed exchange rate regime with?
- [x] United States (USD exchange rate)
- [ ] Eurozone countries (EUR exchange rate)
- [ ] Japan (JPY exchange rate)
- [ ] United Kingdom (GBP exchange rate)
