Exchange Rate Now!

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 (more…)

If you likes to frequent Marks and Spencers, you will realise 2 things regarding the exchange rate policy of this company when shopping.

Firstly, the price tags of products are mostly quoted in Euro or the Great Britain Pound (GBP). However, the price in local currency is almost always higher than what you would get from a direct conversion of Euro, GBP to your local currency, using the current exchange rates.

Secondly, if you will like to convert any currency in the store, the exchange rate quoted is almost always worse off than what you would had gotten from most other money changes (more…)