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Central Bank of Oman dismisses rumours on Omani riyal depreciation

Image used for illustrative purpose.

Image used for illustrative purpose.

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Thursday, Feb 16, 2017

MUSCAT

Rumours on depreciation of Omani riyal were dismissed by the Central Bank of Oman (CBO) on Wednesday. Hamoud Bin Sangour Al Zadjali, Executive President of the Central Bank of Oman (CBO) affirmed the strength and efficiency of the Omani riyal adding that “there is no change in its value.”

The CBO Executive President dismissed the rumours about depreciation of the Omani riyal exchange rate in some Gulf states, adding that the monetary reserves at the Central Bank of Oman are good and enough to cover the Omani riyals, according to Oman News Agency (ONA).

He added that the Sultanate’s monetary and economic conditions have contributed to enhancing the position of the Omani riyal either in terms of the exchange rate or the purchase power.

He further 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 riyal as a mean for local savings. “This policy ensures stability of the fixed exchange rate of the Omani riyal which in turns leads to maintaining its purchase power against the different currencies,” Al Zadjali said.

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Since 1973, the Omani riyal has been pegged to the US dollar.

The latest data affirms the continuous appreciation of the US dollar against other currencies, which in turn led to appreciation of the value of the Omani riyal against such currencies, thus enhancing the purchase power of the Omani riyal, he concluded.

Rumours on depreciation of Omani riyal in other Gulf States went viral on social media platforms.

A video clip disseminated in social media platforms showed an exchange shop employee in Madinah, Saudi Arabia, refusing to take 50 Omani riyal, saying this: “We don’t accept Omani riyal.”

By Fahad Al Mukrashi Correspondent

Gulf News 2017. All rights reserved.

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