Oman Rial (OMR)

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Definition of 'Oman Rial (OMR)'

The Omani rial (OMR) is the currency of Oman. It is divided into 1000 baisa. The rial was introduced in 1973 to replace the Omani rupee, which was pegged to the Indian rupee. The rial is issued by the Central Bank of Oman.

The rial is pegged to the US dollar at a rate of OMR 0.3849 = $1. The peg has been in place since 1986.

The rial is used in Oman, as well as in the United Arab Emirates, where it is accepted alongside the UAE dirham.

The rial is a relatively stable currency. It has been used as a peg for other currencies in the region, such as the Bahraini dinar and the Qatari riyal.

The rial is a popular currency for tourists to Oman. It is easy to exchange for other currencies, and it is widely accepted.

The rial is a good choice for investors who are looking for a stable currency. It is a safe haven currency, and it is unlikely to lose value in the long term.

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