If you decide to travel to the Sultanate of Oman you should know that its official currency is the Omani rial (OMR). The Omani rial has been issued by the Central Bank of Oman since 1977 and is divided into 1,000 baisa.
Among its curiosities, it should be noted that the Omani rial is the fourth most overvalued currency in the world along with the Kuwaiti dinar, the Maltese lira and the Bahrain dinar.
If you are going to travel to the jewel of Arabia it is better to know certain details about its economy because it could be quite different from the way you live in your country.
Information about the currency of Oman
It is important to have details about life and prices in Oman in order to properly handle the currency exchange.
– The standard of living in Oman
To begin, it is important to understand rent for accommodation where we have prices that vary from a studio for 260 rials to an apartment for 420 rials in a normal area up to 720 rials.
On the other hand, it is important to highlight the price of eating out and food. An all-inclusive menu in an expensive area can cost 6 rials and basic products like a litre of milk can cost 0.65, one kilo of apples costs 1.07, a dozen eggs costs 1.63 and a loaf of bread can cost 0.39.
– What are the coins and banknotes of Oman like?
The most important thing is to not only have money and pay but also know the exchange rate and the coins to make any type of transaction.
The rial and baisa banknotes include 100 to 200 baisa and ½, 1, 5, 10, 20 and 50 rials. The 100 baisa banknotes are green and the 200 baisa banknotes are blue. In another context, we have the half notes and 1 rial in violet; the 5 rials are red; the 10 rials are brown or blue; the 20 rials are blue and the 50 ones are violet.
– Currency exchange
Oman is one of the most developed and stable countries in the Arab world and it is possible to change currency in banks and exchange. Exchanges here are sometimes even more favourable.
It should be noted that there are no entry and exit restrictions with regards to currencies, but it is mandatory to declare amounts equal to or greater than 6,000 Omani rials.
Also, credit cards are accepted and there are a large number of ATMs in different cities and major towns.
Quality of life
Oman is not a cheap country and what you can really benefit from is local transport. A meal costs 5 rials, urban transport costs 1 rial and a taxi from the airport to the centre of Muscat costs about 10 rials. Petrol is also very cheap because it is a producer country.
On the other hand, it should be noted that in the souks it is normal to bargain as it is customary in Arab countries. And as for the sale of alcoholic beverages, there is no free sale and consumption in public is prohibited.