Timeline

• 1860-1940
• Usage of foreign coinage in trade
  - Maria Theresa Thaler rated against the traditional accounting unit as 11½ Mohammadi
  - Indian Rupee and subsiary coins, rated at Maria Theresa Thaler = 1.20-1.40 Indian Rupees
• around 1893
• Issuance of copper subdiary coins of ¼, ¹⁄₁₂ Indian Anna by Bombay mint (?), dated AH1311:
  - the ¹⁄₁₂ Anna was denominated as 1 Gaz = ¹⁄₂₀ Mohammadi of the traditional accounting unit, corresponding to a rating of 1 Indian Rupee = 9⅗ Mohammadi (or ~1.20 Rupees = 1 Maria Theresa Thaler of 11½ Mohammadi)
• around 1900
• Further issuance of copper subsidiary coins of ¼ Indian Anna by Birmingham and Muscat mints, dated AH1312-1316
• 1920-1940
• Countermarking of earlier copper coins under the sultans Taymur (stamp: "ST") and Sa'id (stamp: "SS")
• around 1940
• Issuance of subsidiary coins for the inland Dhofar Governorate (where Indian coins were not common) dated AH1359 and denominated as 50, 20, 10 Baisa (at a rate of 200 Baisa = Maria Theresa Thaler, since the earlier copper coins were traded at 200-240 per Thaler
• 1940-1960
• Issuance of subsidiary coins to the Maria Theresa Thaler = 200 Baisa (the earlier copper coins were traded at 200-240 per Thaler):
  - around 1940 (AH1359): 50, 20, 10 Baisa for the inland Dhofar Governorate
  - around 1946 (AH1365): 20, 5, 2 Baisa for all parts of the country
  - around 1959-1961 (AH1378-1381): 5, 3 Baisa, partly for Dhofar, partly for all parts of the country.
• after 1959
• Inflow of Indian "Gulf Rupee" notes (specially designed paper money of the Reserve Bank of India for circulation in the Gulf region), were not formally legal tender
  - After the Indian devaluation of 06.06.1966, the notes continued to be exchanged at the previous rate of 13⅓ Rupees per British Pound, which led to increased inflow as the notes were not marked.

Timeline

• ??.04.1970
• AH:??.02.1390
• Sultan's decree [Currency] on the establishment of the Muscat Monetary Authority and the creation of a national currency, called "Sa'idi Riyal" (after the ruling dynasty); effective upon constitution of the authority on 07.05.1970 (AH:01.03.1390)
• ??.03.1972
• AH:??.02.1392
• Sultan's decree [Currency] on the name change of the Authority into "Oman Currency Board" and the currency into "Omani Riyal"; effective upon constitution of the board on 11.11.1972 (AH:04.10.1392)
• 07.05.1970
• Start of currency exchange:
  - 07.05.1970: Start of issuance of the new currency denominated as "Sa'idi Riyal"
  - 21.05.1970: Demonetization of the "Gulf Rupee" banknotes at a rate of 1 Riyal = 13⅓ Indian "Gulf" Rupees (the Maria Theresa Thaler was exchanged as ½ Riyal although the currency decree did not foresee it)
  - 11.11.1972: Start of issuance of new banknotes denominated as "Omani Riyal"
  - 25.11.1976: Demonetization of the banknotes denominated as "Sa'idi Riyal"
• 14.11.1974
• AH:01.11.1394
• Law [Central Bank Act, No. 7] on the establishment of the Central Bank of Oman; effective 01.12.1974 (AH:16.11.1394)
  - The bank began operations 01.04.1975 (AH:20.03.1395)

Valuation Regimes

• 1970-1972
• Fixed rate against British Pound, did not follow the floating of the British currency on 22.06.1972
• 1972-
• Fixed rate against US Dollar