Omani Rials and US Dollar
Like its middle east cousins, the Omani Rial is highly valued against the US dollar and currently ranks the third most expensive currency in the world, just behind the Kuwaiti Dinar and the Bahraini Dinar. This ranking is unlikely to change in the medium, as the Omani Rial (OMR) is pegged against the US dollar and well supported by the Oman Central Bank.
Currently, 1 Omani Rial (OMR) = 2.5974 US dollars (USD), or 1 USD compared against 0.3845 Omani Rial.
There are many benefits of pegging the Omani Rial against the US Dollar. For one, this pegs prevents fluctuations and speculations which the country cannot afford. In addition, Oman has the necessary reserves to prevent just that. Finally, having the peg frees important government resource into more growth areas like interior development and in specific, further redefining the usage of oil money.
Tourist to Oman would assume that with this pegging, they need not worry about getting poor exchange rates from Omani airports and Bureau de Change. Unfortunately, this is not really true. Such money changes often charges exorbitant commissions even if the pegging is fixed. Therefore, it is advised for tourists and students alike to scout around several Bureau de Change, even if it means scouting your home country. In addition, vendors in Oman might also accept US Dollars and major currencies but may still rip you off in exchange rate.
Where possible, use Visa or American Express rather than spending US Dollar. At least, you are assured that while the rates are not the best, it is still reasonable.
Would many people want to go Oman? May I know what is there?
Proximity to UAE means it is a possible getaway from Abu Dhabi and Dubai.
Hi,
You might want to visit some of the palaces there. Not as fantastic as that in IRAQ even, but it is still a nice photo spot.
Regards,
FG
Anyone think Omani rials will move up? I am always of the view that of the government can develop Oman like Dubai, this currency is worth buying.
Forget the middle east! Look at China – with yuan soon appreciating, the China is the place to visit now.
For the normal tourist – yes. You might want to visit China now while it is still cheap.
In 2008, the Yuan appreciated some 21.0% against the US Dollar after it was briefly appreciated.