Oman
What is the Omani Rial (OMR)?
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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 governmentHead 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.
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Fast Facts
- Other Currencies Accepted: All major currencies
- Currency Peg:Yes
- Black Market for Currency:Probable
- Currency Volatility:0.32
- Estimated GDP Per Capita:.48 billion (2009 est.) .65 billion (2008 est.) .58 billion (2007 est.) note: data are in 2009 US dollars
- Languages Spoken:Arabic (official), English, Baluchi, Urdu, Indian dialects
