In the old-age before the advent of newspaper, radio and television, coinage was one of the primary means of communication between a ruler and his people. Even today currency is considered as one of the chief signs of statehood, and a focus of national feelings and culture. The image of His Majesty Sultan Qaboos bin Said on the Omani banknotes gives the people a continual awareness of the country’s national unity, achieved under his leadership and guidance, and the picture on the reverse recall Omani national heritage and economic and social development of his reign.
According to the Banking Law, the Central Bank of Oman is the sole authority which can issue, hold or recall currency in the Sultanate of Oman. The unit of currency in Oman is the Rial Omani which is sub-divided into 1,000 baisas. Denomination, form and design of the currency notes and coins in circulation are determined with the Approval of the Board of Governors of Central Bank. CBO is also responsible for printing/minting and numbering of adequate amounts of currency denominations to satisfy the needs of the Sultanate in such a way that the currency is protected from counterfeiting and forgery. CBO is also authorized to refund the value of mutilated, tampered or imperfect currency notes or coins. On special occasions, CBO also issues commemorative coins and sets of coins of special weights, compositions and denominations with the approval of the Board of Governors.
The Central Bank publishes in the Official Gazette, on a monthly basis the aggregate value of all currency in circulation and the aggregate value of any special issues authorized by the Central Bank.
To add to this, the acceptance of the currency locally and internationally has to do with the faith of people that the currency will continue to remain stable. This is one of the important role that Central Bank of Oman plays to ensure that the Omani Rial maintains a stable value and security both locally and in the international foreign exchange markets.
The following currency denominations are in circulation now:
50 Rial, 20 Rial, 10 Rial, 5 Rial, 1 Rial, 500 Baisa, 100 Baisa.
500 Baisa, 100 Baisa, 50 Baisa, 25 Baisa, 10 Baisa, and 5 Baisa