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Riyal Omani is the Omani Currency . Till 1959, the main currencies circulating in Muscat and Oman as the state was then known, were the Maria Theresa Thaler (XMIT) in the interior and the Indian Rupee (INR) in the coastal regions of Muscat and Oman. The lowest denomination coin was the Baiza. 1 Maria Theresa Thaler was valued at 230 Baiza and 1 Indian Rupee equal to 64 Baiza. All changed on April, 1, 1959, when the Persian Gulf Rupee(XPGR) replaced the Indian Rupee at par. With the establishment of the Sultanate of Oman in 1970, Oman Riyal Saidi(OMS) replaced the Persian Gulf Rupee(XPGR). The OMS was introduced at par with the British Pound Sterling and was equal to about 21 Persian Gulf Rupees. There was a further replacement of the Oman Riyal Saidi (OMS) with the Omani Riyal (OMR) on November 11, 1972 at par. Banknote was isued by the Sultanate of Muscat and Oman from 1970 till 1973 and by the Oman Currency Board from 1973 till 1977. From 1977, the Central Bank of Oman is the issuing authority of the OMR. It has the website www.cbo-Oman.org which has details about the activities of the bank. The history of coins goes back to 1940, when it was introduced for use in Dhofar, followed by use in Oman in 1946. Both the coinages were denominated in Baisa with 1 Rial equal to 200 baisa. Presently, the currency of Muscat is Omani Rial(OMR). One rial is equal to one thousand Baisa. Coins curently in circulation are • 5 Baisa • 10 Baisa • 25 Baisa • 50Baisa • 100 Baisa • ¼ rial omani • ½ rial mani The denominations of the banknotes are • 100 Baisa • 200Baisa • ½ Rial Omani • 1 Rial Omani • 5 rial Omani • 10 Rial Omani • 20 Rial Omani • 50 rial Omani Present exchange rates are: 1 Riyal Omani = US $2.6008, making 1 dollar=0.384497 Rial. (Variable) The Central Bank buying rate of U.S. Dollars is 0.384 rial and selling rate is 0.385 Rial. Thr Rial is the fourth highest currency unit after the Kuwait dinar, Maltese Lira and the Bahraini Dinar.
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