Omani Rial

Overview

Economy

• Oman is a member of GCC, Arab League, OIC, Non-Aligned Movement.
• Main industries include: Crude oil production, Refining, Natural gas production, Construction, Cement, Copper, Steel, Chemicals, Optic fiber.
• Oman is part of the World Trade Organization.
• Imports are machinery, transport equipment, manufactured goods, food, livestock, lubricants.
• Major exports include petroleum, reexports, fish, metals, textiles.
• GDP: $95.0 billion (2023 est.).
• GDP per capita: $17,497 (2023 est.).
• Unemployment rate: 2.1% (2014 est.).
• Inflation rate: 1.0% (2023 est.).
• Main trading partners: China, India, South Korea, United Arab Emirates, Saudi Arabia, Japan.
• Trade agreements: GCC Common Market, Various bilateral agreements.

History

• Previous currencies used: Omani riyal saidi, Indian rupee, Maria Theresa thaler.
• The rial was introduced in 1973, replacing the Omani riyal saidi. It has been pegged to the US dollar since 1986, providing stability for the oil-dependent economy.
• 1973: OMR introduced, replacing riyal saidi
• 1975: Central Bank of Oman established
• 1986: Pegged to USD at 0.3845:1
• 1995: WTO membership
• 2010: Economic diversification initiatives
• 2020: COVID-19 and oil price impact
• Exchange rate peg: USD (1986-present) at 0.3845 OMR = 1 USD.
• Currently pegged to USD at 0.3845 OMR = 1 USD.

General Information

• ISO 4217 Code: OMR
• Symbols: OMR/ر.ع.
• Currency Subunits: 1000 baisa
• Central Bank: Central Bank of Oman
• Monetary Policy: Currency board system maintaining USD peg. Focus on price stability and supporting economic diversification efforts.
• Bills: 100 baisa, 200 baisa, 500 baisa, 1 OMR, 5 OMR, 10 OMR, 20 OMR, 50 OMR
• Coins: 5 baisa, 10 baisa, 25 baisa, 50 baisa, 100 baisa, 200 baisa
• USD Exchange Rate: 0.3845
• Pegged To: USD at 0.3845 OMR = 1 USD
• Capital: Muscat
• Population: 5,418,849 (2023 est.)
• Area: 309,500 km²
• Languages: Arabic (official), English, Baluchi, Urdu, Indian dialects
• Time Zones: UTC+4 (Gulf Standard Time)
• Government Type: Absolute monarchy
• Head of Government: Sultan (head of state and government)
• Independence: 1650 (expulsion of the Portuguese)
• Ethnic Groups: Arab, Baluchi, South Asian (Indian, Pakistani, Sri Lankan, Bangladeshi), African
• Religions: Muslim 85.9%, Christian 6.4%, Hindu 5.7%, Buddhist 0.8%, Jewish 0.1%, Other 1%, Unaffiliated 0.2%
• Literacy Rate: 95.7% (2018 est.)
• Transport: Muscat International Airport, modern road networks, Port Sultan Qaboos, limited rail development
• Communications: Advanced telecommunications, 95% internet penetration, comprehensive mobile coverage
• Energy: Natural gas 100%, developing renewable energy projects including solar
• Countries Using This Currency: Oman
• Data Sources: Central Bank: Central Bank of Oman (cbo.gov.om), Economic Data: National Centre for Statistics and Information, World Bank, IMF, Trade Data: Directorate General of Customs, Demographic Data: National Centre for Statistics and Information, Geographic Data: Directorate General of Meteorology, Historical Data: Central Bank of Oman archives
• Last Updated: 2025