Oman Rial - OMR

DEFINITION of 'Oman Rial - OMR'

The currency of Oman. The Omani rial is broken into smaller units, called baisa, and is found in both coin and banknote form. It is managed by the Central Bank of Oman.

BREAKING DOWN 'Oman Rial - OMR'

The Omani rial was created during the early 1970s, as a replacement to the Indian rupee and Maria Teresa Thaler. It was part of a modernization effort, undertaken in the wake of a rebellion. The currency is pegged to the U.S. dollar, though the rate was adjusted in 1986.