Home News Oman Rial going strong, says CBO chief

Rial going strong, says CBO chief

Muscat

The government is out to maintain foreign currency reserves at adequate levels and ensure that the rial remains attractive for domestic savings, according to Central Bank of Oman Executive President. The monetary and banking policy will promote stability.

This should ensure a stable fixed exchange rate for the rial, retaining its purchasing power against various currencies, HE Hamoud Bin Sangour Al Zadjali told Al Watan, the sister publication of Oman Tribune.

The fixed exchange rate provides monetary stability in terms of low inflation rates and makes the environment conducive to local and foreign investment.

Shura Council member HE Tawfiq Al Lawati said the rial will remain stable and resilient with current oil prices.

Pointing to the rate variations between the rial and other currencies, Ubar Capital CEO Louay Badie Bataineh said it was natural and there is no reason for concern.

 SAMEH AMIN