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Abu Dhabi, UAEFriday 21 September 2018

Oman reiterates commitment to dollar peg

New central bank president continues to shun GCC single currency

Oman has reaffirmed its commitment to the country's dollar peg, in spite of the country's recent economic challenges. Getty Images
Oman has reaffirmed its commitment to the country's dollar peg, in spite of the country's recent economic challenges. Getty Images

The new executive president of Oman's central bank said on Sunday that his country remained committed to the rial's currency peg against the US dollar.

Tahir 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 strained Oman's state finances and current account balance.

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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 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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