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'.
In a statement to Oman News Agency (ONA), the CBO Executive President dismissed rumors 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.
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 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.
'Since 1973, the Sultanate adopts a fixed exchange rate of the Omani Riyals against the U.S dollar; the most important currency in the world and the most used currency in international trade, he furthered.
He concluded: ' The latest data affirms the continuous appreciation of the U.S 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, ONA reported.

Source: BNB