British currency in the Middle East already risen in value against the pound sterling as a result of sterling's devaluation in 1967, and so the new Omani rial was not equal in value to the dinars in the nearby territories. The currency units that are used in Israel, Jordan, Iraq, Kuwait, Bahrain, Oman, and the Yemen are all descended from the pound sterling unit, while the currency units that are used in Saudi Arabia, Qatar, and the United Arab Emirates are all descended from the Maria Theresa Thaler. This largely explains the factor of ten difference in value on average between Bahrain, Kuwait and Oman on
British currency in the Middle East by the British authorities in 1927, the Palestine pound was introduced, equal in value to the Pound sterling. The Palestine pound was also declared a legal tender in the Transjordan Emirate, which was technically a part of the British Mandate, though having an autonomous local administration. The body which governed the issue of the currency was the Palestine Currency Board, which was subject to the British Colonial Office. The Currency Board was dissolved in May 1948, as the British Mandate ended. The area in which the Palestine pound circulated was divided into several political entities: the State of Israel, the