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Wed 4 Oct 2017 09:09 AM

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Oman Central Bank reaffirms currency peg to dollar

Sultanate's monetary authority said the peg promoted economic growth as well as foreign direct investment

Oman Central Bank reaffirms currency peg to dollar
Sultanate's monetary authority said the peg promoted economic growth as well as foreign direct investment

The Central Bank of Oman’s (CBO) new board of governors reaffirmed its commitment to the rial’s peg against the US dollar.

In a statement following a Tuesday meeting, the CBO said the currency peg “realised benefits to the Omani economy in terms of price stability, promoting economic growth, as well as foreign direct investment, in addition to stable interaction with the global economy".

In September, ruler of Oman Sultan Qaboos restructured the board, naming Sultan bin Salim bin Said Al-Habsi as deputy chairman for a five-year term and appointed Tahir Salim Al-Amri as the Central Bank’s executive president.

In an interview with Reuters on September 17, Al-Amri said that the rial was not under pressure in the foreign exchange market, despite the low oil prices which have put Oman’s state finances and current account balance under strain.

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