Oman’s has achieved significant economic growth since the early 1990s based on the increase in oil prices in 1999.
Oman liberalized its markets in order gain membership in the World Trade Organization, which it joined in 2000.
The main supports of the economy are no longer goat and camel herding, traditional handicrafts, fishing, and agriculture.
At present, Oman’s economy is based in its oil industry. Oil was discovered in 1964 by Fahud in the western desert, and oil production began in August 1967.
In the mid-2002, oil production was more than 900,000 barrels per day. Its oil production maintained and supported its exporting demands, but Oman is not a member of the Organization of Petroleum Exporting Countries (OPEC).
History
The Indian Rupee and Maria Theresa Thaler were the main currencies in Muscat and Oman. Indian Rupees circulated on the coast and the Thaler was used in the interior.
In 1940, coins were introduced in Dhofar, and in 1946 another series of coins was issued for use in Oman. Both coins were denominated in Baisa, with a rate of 200 Baisa = 1 Rial.
The Saudi Riyal became the official currency of Oman in 1970. The Saudi Riyal was equivalent to the British Pound and replaced the Gulf Rupee at a rate of 21 Rupees = 1 Rial.
