The Omani rial is the official currency of the Sultanate of Oman. Its ISO 4217 code is OMR and its symbol is ر.ع. The Omani rial is divided into 1,000 baisas.
As of December 1, 2023, the equivalence of the Omani rial currency to the euro is:
- 1 euro = 0.42 Omani rials.
- 1 Omani rial = 2.38 euros.
History of the Omani rial
Oman has a rich history of currency circulation dating back centuries. The main reason has always been its strategic geographical location between the Middle East and India. Oman has long enjoyed an important commercial role in the Islamic world. His sailors knew all the trade routes along the coasts of Arabia, East Africa, India and the Far East.
Merchants through the Omani ports were engaged in the transportation of various luxury items required by the rulers and people of the East and the West. As a trading nation, Oman became familiar with and adopted the currencies of many countries issued by different rulers. Its great exposure would have guided the country by allowing it to choose between different currencies.
The Omani rial as the official currency of the Sultanate came into force in 1973, replacing the Saidi rial with an exchange rate on par with that old currency. The Saidi rial (note, not the Saudi rial) had been the official currency in Oman until 1970 and its equivalent was 1 Saidi rial per 1 pound sterling. This currency in turn was the substitute for the Gulf rupee. The Omani rial replaced all previous currencies with a fractionation of 1,000 paisa.
According to the Banking Law, the Central Bank of Oman, known by its acronym CBO, is responsible for issuing coins and banknotes in circulation in Oman. It is the only authority that can issue, hold or withdraw foreign currency in the Sultanate of Oman.
The denomination, shape and design of banknotes and coins in circulation are determined with the approval of the Board of Governors of the Central Bank. The CBO is also responsible for printing/coining and numbering adequate quantities of currency denominations to meet the needs of the Sultanate such that the currency is protected against counterfeiting.
The CBO is authorized to refund the value of mutilated, altered or damaged banknotes or coins of citizens who present them at its offices.
Omani rial coins
The Omani rial has coins in circulation of 5, 10, 25, 50, 100 and 500 baisas.
The 100 and 500 baisa coins were created with commemorative motifs in a single edition. The coins in circulation date from 1999 and the 5 and 10 baisa coins have a smooth edge. The rest have a grooved edge.
Omani rial banknotes
In 1973, the first series of banknotes in Omani rials was issued and since 1977 the Central Bank of Oman has been in charge of issuing them. The only innovations since then have been the issuance of 20 and 50 rial notes and a 200 baisa note in 1985.
Currently, Omani rial banknotes in circulation have these denominations in rials and baisas:
- 1, 5, 10, 20 and 50 Rials.
- 100 and 500 Baisas.
They all show the portrait of Qabus ibn Sa’id Al Sa’id (1940), Sultan of Oman, a title he has held since he overthrew his father, Sultan Said bin Taimur, in 1970. Qabus descends through his paternal line from the sultans of Muscat, Oman and Zanzibar.
100 Omani baisa banknote
Green banknote showing Qabus bin Said al Said and an Oman irrigation canal on the obverse and a Falcon and Oryx on the reverse. The equivalent value in euros of the 100 baisa note would be about 20 euro cents.
200 Omani baisa banknote
Blue banknote showing Qabus bin Said al Said on the obverse and the Central Bank of Oman on the reverse. The equivalent value in euros of the 200 baisa note would be about 40 euro cents.
1 Omani rial banknote
Purple banknote from 2015 showing Qabus bin Said al Said along with the former Salalah Airport terminal and Muscat International Airport on the front.
The Central Bank of Oman is listed on the reverse. The equivalent value in euros of the 1 rial note would be, as of the date of this post, about 2.25 euros.
5 Omani rial banknote
Reddish colored banknote from the 2010 Banknote Series (40th National Day Series). It shows Qabus bin Said al Saiden on the obverse next to the Sultan Qaboos Univirsity, based in Al-Seeb and established in 1986.
The reverse of the banknote shows a panorama of Zizwa (Ad Dakhiliyah region), the former capital of Oman, 140 km from the capital and with a population of 83,000 inhabitants.
The equivalent value in euros of the 5 rial banknote would be, as of the date of this post, about 10 euros.
10 Omani rial banknote
Brown and blue banknote from the 2010 Banknote Series (40th National Day Series). It shows Qabus bin Said al Said next to the Al-Nahda tower or Clock Tower on the obverse. This tower is in the city of Salalah, Dhofar region.
On the reverse side appears the Muttrah Fort in Muscat, a fortress, today a private museum of Omani customs.
The equivalent value in euros of the 10 rial banknote would be, as of the date of this post, about 22 euros.
20 Omani rial banknote
Blue banknote from 2010 (40th National Day Series) showing Qabus bin Said al Said along with the Great Mosque wearing his hat on the obverse.
The reverse shows the Royal Opera House Muscat, located on Sultan Qaboos Street, Shati Al-Qurm district.
The equivalent value in euros of the 5 rial banknote would be, as of the date of this post, about 44 euros.
50 Omani rial banknote
Green banknote of the fifth series that was released in July 2020 on the occasion of the 50th anniversary of the emergence of the modern Renaissance of Oman and in memory of its founder, the late Sultan Qaboos bin Said bin Taymur.
Like its companions, it shows on the obverse the effigy of Sultan Qabus bin Said al Said along with the building of the Ministry of Finance and Economy in Muscat.
The reverse shows the Cabinet building and Ministry of Finance and Industry building (Muscat)
Euro to Omani rial exchange rate today
The Euro to Omani Rial exchange rate shows that this currency is one of the strongest currencies in the world, with a large overvaluation. As of December 1, 2023, the euro to rial exchange rate is €1 = 0.42 rials (0.42 ر.ع.).
As you can see, the exchange rate in the last 5 years has fluctuated between 0.38 and 0.47 rials per euro, but keep in mind that this graph represents the value of the rial “currency” against the euro, and not that of the banknotes, which is lower.
In fact, in currency suppliers in Portugal (casas de câmbio) you can buy Omani rials at an exchange rate of around 0.30 rials per euro, nothing like the euro to rial currency exchange (0.42 rials per euro).
So, when you see these values on Google and other currency converters like Oanda with your mobile, keep this in mind:
-This is an unreliable rate. That is, if you click on the “Disclaimer” link, you get this warning from Google Finance: “Google cannot guarantee the accuracy of the exchange rates displayed. Please confirm current rates before conducting a transaction that may be affected by changes in exchange rates.”
-These rate you see are usually wholesale rates of the rial currency against the euro currency (currency and banknotes of the same currency are not exactly the same);
-This rate can only be had by banks among themselves, that is, it is impossible to obtain it as an individual.
If you need rials in banknotes you will have to go through the retail banknote market (bank or currency supplier). This means that the rials have had to be “transported” by someone for you to enjoy them (or purchased from Omani tourists or professionals passing through Portugal previously).
Therefore, moving banknotes from one place to another has logistical costs that will make their sale price (the exchange rate that whoever sells it to you apply) more expensive. It also makes its price more expensive to maintain a stock of this currency in banknotes if it suddenly depreciates (exchange rate risk).
Where to exchange Omani rial in Portugal
Portuguese banks do not change this currency. The exchange of Omani rials for euros can be carried out in establishments such as high street currency suppliers and in international transit areas such as airports.
It is important to make sure that you are not charged a commission in addition to an “exchange margin”. And even if they announce “No Commission”, be attentive to the changes they make.
Euro to Omani Rial Exchange Rate
The rial is a very scarce currency in Portugal, so it is not easy to find it available for sale. Therefore, it is good to anticipate the purchase and order it online to obtain a better rate.
To find out the euro to Omani rial exchange rate today, you just have to use our currency comparator.
- Euro to Omani Rial exchange rate (EUR-OMR)
- Omani rial to euro exchange rate (OMR-EUR)