The Omani rial has been pegged to the US dollar since 1973.
The coin used in Oman is called ‘baisa' and it's equal to 1/100 of the rial, instead of the most common 1/100 rate. There are also rial currency notes of 100, 200 baisa denominations, as well as notes for 1/2 and 1/4 of rial. Such a currency note actually has the denomination written on it: ‘1/4 of rial'.
Just like other world countries within the Arabian peninsula, Oman has made oil production its top economic industry. However, the recent reduction of oil reserves forced the government to focus on diversification of its biggest revenue contributors and develop gas production, metallurgy, and tourism.