Oman Rials is the official currency of Oman. The currency code for the Omani Rial is OMR and it has been in use since 1973, when it replaced the Gulf Rupee as part of a monetary reform by Sultan Qaboos bin Said al-Said. It was initially pegged to a basket of currencies including US Dollar, British Pound Sterling and Indian Rupee but later on in 1986 devalued against US Dollar due to fall in oil prices which resulted into inflationary pressures.The coins issued by Central Bank Of Oman are 1/4 riyal (50 baisa), 1/2 riyal(100 baisa) ,1 Riyal(200 Baisa)and 5 Riyals (1000 Baisas). The banknotes issued are 100 baisas, 200 baisas ,500 Biasa’s, 1000 Biasa’s and 2000 Biasa's .The notes printed with denominations above 500 have special features such as watermarks or holograms that prevent counterfeiting while also making them easy to recognize even if they become worn out over time from circulation .In conclusion ,the usage of Omani Rials has increased significantly since its introduction owing mainly due to its stability compared other regional currencies . This makes it an attractive option for both domestic users who prefer using local money instead foreign exchange transactions whenever possible as well international investors looking diversify their portfolios away from more volatile global markets.
