Oman committed to foreign exchange peg, says newly appointed CBO chief

Oman is committed to the rial’s currency peg against the US dollar, said the newly appointed executive president of Central Bank of Oman (CBO) on Sunday.

Tahir Salim Al Amri, a former director-general of treasury and accounts at the Ministry of Finance, was speaking to Reuters on the sidelines of a meeting of Arab central bank governors, in his first comments to foreign media since he was appointed earlier this month.

Amri said the rial was not under pressure in the foreign exchange market, despite low oil prices that have caused lower state income. In October last year, the Saudi Arabian-owned Al Sharq Al Awsat newspaper quoted Hamood Sangour Al Zadjali, Amri’s predecessor, as saying the creation of a single Gulf Cooperation Council (GCC) currency had become inevitable and that “serious measures” were being studied to achieve it.

On Sunday, however, Amri told Reuters that Oman was not committed to the single currency project.

“We are committed to the dollar peg but not to the single GCC currency that was decided some years ago,” he said.

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