Rial currencies around the world
10th May 2023
The Rial/Riyal name is based on the Latin term ‘regalis’ which literally means royal. It shares a similar etymology to the ‘Real’ currency which can
Currency Profile
The Rial is the official currency of Oman, which has the currency code of OMR. One Rial is divided into 1000 Baizas.
The Central Bank of Oman issues currency and controls monetary policy in Oman. The Omani Rial is an incredibly strong currency owing to Oman’s oil based wealth.
The name “rial” was first introduced in 1973 when the currency was decimalized and replaced the Gulf rupee which had been used up until that point in a number of states in the Arabian peninsula.
The currency has been pegged to the US Dollar since the 1970s. It is currently pegged at 1 rial to US$2.6008.
A new series of money is in the process of being issued featuring current Sultan Haitham bin Tariq who ascended to the throne in 2020.
The currency is also used in the Musandam Governorate, an exclave of Oman which is separated from the rest of the country by United Arab Emirates territory.
The Rial/Riyal name is based on the Latin term ‘regalis’ which literally means royal. It shares a similar etymology to the ‘Real’ currency which can
On a daily basis a currency’s value will change against another. When looking at their relative strength, it’s common to compare them against one of the
When you hear the term ‘Currency Union’ you probably think: Euro. Most people would. It’s by far the most high profile and successful monetary union.
