What is the Omani Rial (OMR)?

Credit Ratings & Outlook

In the latest credit ratings from December 1970, Moody's gives Oman a A1 rating, with a stable outlook. Finally, S&P last issued a A rating, with a negative outlook.

Sovereign credit ratings play an important part in determining a country’s access to international capital markets, and the terms of that access. Sovereign ratings help to foster dramatic growth, stability, and efficiency of international and domestic markets.

GDP

In 2009 the total GDP was $46,866,060,195 in US Dollars, while the per capita GDP was $17,280. It grew by 1.10% over the previous year.

Consumer Price Index

The latest consumer price index for 2010 is 131.48.

Political Structure

The current head of the government is Sultan Qaboos bin Said al Said, who is also the head of state (in an executive role).

Currency Details

The Omani Rial, denoted by OMR, is the official currency of Oman. One Rial is subdivided into 1000 Baiza. In January 2005, one Rial equaled 2.59067 US Dollars, making it the fourth highest valued currency (after the Kuwaiti Dinar, Maltese Lira, and Bahraini dinar).

Travel Notes:

There is no limit on the amount of local or foreign currency you   may bring into or take out of Oman. However, it is worth noting   that Israeli currency is prohibited.In order to avoid exchange rate charges, travelers are   encouraged to take traveler checks in US Dollars.

Moody’s Rating

A1, 18 Feb 2010

S&P Rating

AA-

Sovereign credit ratings play an important part in determining a country’s access to international capital markets, and the terms of that access. Sovereign ratings help to foster dramatic growth, stability, and efficiency of international and domestic markets.

What does it look like?

Political Structure

In Oman, the chief of state and head of government is referred to as the “hereditary sultan,” and appoints a cabinet to assist him. In the early 1990s, the sultan established an elected advisory council (called the Majlis ash-Shura); however, only a small portion of the Omani population was allowed to vote in this election (as universal suffrage was instituted for those over the age of 21 in October 2003). Over 190,000 people, approximately three fourths of those registered, voted to elect the 83 seats. Only two women were elected to seats. While the sultan’s chief function is absolute Rule, he holds approval of the majority of his country. In his 30 years of government, he has been able to turn the country around in its worst times. To note about Oman’s government is that the governmental system is gradually moving in the direction of some democracy.

Prominent Figures

Chief of State Sultan and Prime Minister QABOOS bin Said al-Said (sultan since 23 July 1970 and prime minister since 23 July 1972); note – the monarch is both the chief of state and head of government
Head of Government Sultan and Prime Minister QABOOS bin Said al-Said (sultan since 23 July 1970 and prime minister since 23 July 1972)
Cabinet Cabinet appointed by the monarch
Elections the monarch is hereditary

Key Economic Factors

Economic Overview:

The economy of Oman, though small, is one of the best off in the Middle East, and is characterized most by its abundant oil and gas resources, substantial trade surplus, and low inflation levels. Oman joined the World Trade Organization (WTO) in November 2000, and since that point has continued to liberalize its markets. Furthermore, the government is partaking in a process called “Omanization”; the replacement of expatriate workers with local Omanis, geared towards reducing unemployment and limiting dependence on foreign countries.

Agricultural Products:

Dates, limes, bananas, alfalfa, vegetables, camels, cattle, fish.

Industries:

Crude oil production/ refining, natural gas production, construction, cement, copper.

Export Commodities:

Petroleum, re-exports, fish, metals, textiles.

Import Commodities:

Machinery and transport equipment, manufactured goods, food, livestock, lubricants.