r/geography • u/Necessary_Wing799 Geography Enthusiast • 15d ago

Oman - a country rarely spoken about. What's happening there? Discussion

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Oman is located in a area we heat about a lot for an array of reasons - there are many famous and newsworthy spots close by from dubai to Doha to Iran and Yemen...... what goes on in Oman? Let us know how life is here and any relevant info on its current state....

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u/LimpEnvironment5144 15d ago

What do you mean by that?

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u/jaimieb69 14d ago

1 Omani Rial is about US$2.60

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u/LimpEnvironment5144 14d ago

Read my comment above. That conversion rate indicates absolutely nothing.

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u/jaimieb69 14d ago

Ahh… ok. So, foreign currency exchange rates are simply random numbers that are decided by kindergartners each day and indicate “absolutely nothing” about the strength of a nation’s currency. Thank you, Einstein.

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u/tdl432 14d ago

The OMR is pegged to the U.S. dollar at an exchange rate of 1 rial to US$2.6008.

Pegged means "equal". Thanks Einstein!

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u/jaimieb69 14d ago

Work on your reading comprehension, my friend. Your comment is a non sequitur. Limp said the exchange rate indicates “absolutely nothing” about a currency’s strength. So, according to Limp, when I see that 1 GBP = 1.26 USD and 1 VND = 0.000039 USD, there is absolutely nothing I can deduce about the relative strength of those two currencies. What Limp is saying is factually incorrect.

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u/LimpEnvironment5144 14d ago edited 14d ago

Okay, what can you deduce about the GBP from that comparison? In fact, what does it mean for a currency to be strong?

Let me share a parallel example: Amazon stock trades at X dollars. They announce a stock split and now each holder of Y Amazon shares has 10Y Amazon shares, but the price per share is 0.1 X.

Did Amazon stock suddenly become weaker?