Omani Rial among worlds strongest currencies

MUSCAT: Omani riyal is among the five strongest currencies in the world as it maintained strong value against US dollar in December 2021.

According to Remitbee, a Canadian financial services company specializing in digital remittances, the other currencies remained strong along with Omani currency, the British pound, the Bahraini dinar, the Jordanian dinar and the Kuwaiti dinar.

“The Sultanate of Oman, as one of the world's oil suppliers, has established its position as one of the largest countries that generate the dollar and other global currencies”, the company said in a new report published on its website.

The Omani Riyal, equivalent to US$2.60 and C$3.30, “is one of the most expensive currencies in the world”, the money transfer company said.

“The Sultanate of Oman secures a stable amount of US dollar reserves; for this reason, the Omani rial has maintained its value against the US dollar for nearly five decades”, it said.

The Omani Rial is pegged to the US dollar, and the country has an open capital account which constrains the scope to pursue an independent monetary policy.

The peg with the US dollar, on the other hand, helps protect the economy from exchange rate risks.