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100 Omani Rial (Old)
The Omani rial (Arabic: ريال, ISO 4217 code OMR) is the currency of Oman. It is divided into 1000 baisa (also written baiza, بيسة). Until 1940, the Indian rupee and the Maria Theresa thaler (known locally as the rial due to its similar size to the Spanish eight-real coin) were the main currencies circulating in Muscat and Oman, as the state was then known, with Indian rupees circulating on the coast and thaler in the interior. Maria Theresa thaler were valued at 230 paisa, with 64 paisa = 1 rupee.
In 1940, coins were introduced for use in Dhofar, followed, in 1946, by coins for use in Oman. Both coinages were denominated in baisa (equivalent to the paisa), with 200 baisa = 1 rial. The Indian rupee and, from 1959, the Gulf rupee continued to circulate. On 6 June 1966, India devalued the Gulf rupee against the Indian rupee. Following the devaluation, several of the states still using the Gulf rupee adopted their own currencies. Oman continued to use the Gulf rupee until 1970, with the government backing the currency at its old peg to the pound, when it adopted the Saidi rial.
In 7 May 1970 the Saidi rial (named after the House of Al Said, not to be confused with Saudi riyal) was introduced as the currency of Oman to replace the Gulf rupee. It was equal to the British pound sterling and 1 Saidi rial = 21 Gulf rupees. The Saidi rial was subdivided into 1000 baisa. The Omani rial replaced the Saidi rial at par in 11 November 1972. At that time, the currency became pegged to the US dollar at 1 Omani rial = US$2.895, instead of the pound sterling, a rate that would continue until 1986, when it was devalued by about 9% to 1 Omani rial = US$2.6008. The currency name was altered due to the regime change in 1970 and the subsequent change of the country’s name. Since 1975, new coins have been issued with the country’s name given as Oman.
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