The rial remains strong and there is no change in its value, according to Central Bank of Oman Executive President HE Hamoud Bin Sangour Al Zadjali.
Denying any decline in its exchange rate, he told Al Watan, the sister publication of Oman Tribune, that the existing cash reserves with the CBO was sufficient to cover the rial. Moreover, the monetary and economic conditions of the Sultanate were stable and positive, contributing to enhancing the status of the rial in terms of exchange or purchasing power, he added.
Zadjali said the fixed exchange rate for the rial provided monetary stability in terms of low inflation rates, and also contributed to enhancing the degree of certainty and stability of the economic environment, This helped in boosting investment.
The bank maintained sufficient foreign reserves and adopted a monetary and banking policy contributing to enhancing stability and maintaining attractiveness of the rial.
Since 1973, the Sultanate has adopted a fixed exchange rate of the rial against the dollar; the most important currency in the world.