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Oman continued to use the Gulf rupee until 1970, with the government backing the currency at its old peg to the pound, when it adopted the Saidi rial. On 7 May 1970 [ 6 ] [ 7 ] the Saidi rial (named after the House of Al Said , not to be confused with Saudi riyal ) was introduced as the currency of Oman to replace the Gulf rupee .
[82] [non-primary source needed] BRICS generated close to 32% of global economic output (GDP PPP) in 2022. [83] The expanded BRICS+ generates 36% of global GDP. [83] The group is economically dominated by China which has about 70% of the organization's total GDP. [83] [13] Taking into account the GDP PPP of the BRICS+, China accounts for 52%. [78]
A currency [a] is a standardization of money in any form, in use or circulation as a medium of exchange, for example banknotes and coins. [1] [2] A more general definition is that a currency is a system of money in common use within a specific environment over time, especially for people in a nation state. [3]