Thursday, March 28, 2024 | Ramadan 17, 1445 H
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EDITOR IN CHIEF- ABDULLAH BIN SALIM AL SHUEILI

Rial strong, no change in value

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MUSCAT: Hamoud bin Sangour al Zadjali, Executive President of the Central Bank of Oman (CBO), affirmed the strength and efficiency of the Omani rial, adding that ‘there is no change in its value’. In a statement to ONA, the CBO executive president dismissed rumours regarding depreciation of rial exchange rate in some Gulf states, adding that the monetary reserves at the Central Bank of Oman are good and enough to cover the rials. He added that the Sultanate’s monetary and economic conditions have contributed to enhancing the position of the Omani rial either in terms of exchange rate or purchase power.


He affirmed that the CBO maintains enough foreign reserves and adopts a monetary and banking policy that enhances monetary stability and maintain the attractiveness of the Omani rial as a mean for local savings. This policy ensures stability of the fixed exchange rate of the Omani rial which in turns leads to maintaining its purchase power against the different currencies. “Since 1973, the Sultanate adopted a fixed exchange rate of Omani rials against the dollar; the most important currency in the world and the most used currency in international trade,” he added. “The latest data affirms the continuous appreciation of dollar against other currencies which in turn led to the appreciation of the value of the Omani rial against such currencies, thus enhancing the purchase power of rial,” he said. — ONA


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