Our Oman: 'Thanks to HM for giving me responsibility of Central Bank of Oman'

Energy Sunday 22/July/2018 19:56 PM
By: Times News Service

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Muscat:
One of Oman’s most senior financial leaders said it has been a privilege to witness the works of His Majesty Sultan Qaboos bin Said.
Tahir Al Amri, Executive President of the Central Bank of Oman, spoke about how blessed he was to receive the gift of education from His Majesty.
“I was born in 1975, five years after His Majesty took to the throne,” said Al Amri.
“I was privileged to receive many things from the Blessed Renaissance. When I started school in the first grade in my hometown, it was the school’s first year of operations since it was built. Before that, students were taught in tents,” he said.
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“So I started studying in a very new school in its first year. We were all privileged, and I continued on,” Al Amri added.
Al Amri continued studying in the school in his hometown until the end of fifth grade, when he received a scholarship from HM.
“One of the main reasons why I am so grateful to HM is because when I was at the end of fifth grade, I got a scholarship from HM to move into the first ever bilingual school in Oman, which had opened in Muscat,” he said.
“I studied at this school until the end of the 12th grade.”
“I then received another gift, which was the scholarship to study in the United Kingdom,” he continued.
“When I returned, I was given a job by the government, which was a part of that scholarship, and here I am today, thanks to His Majesty. He has entrusted me with this great responsibility. I hope I do the best I can for His Majesty, the country and for the people of this country.”
Talking about how he reached his current position, Al Amri said he started his career in 1997 with the Ministry of Finance soon after he graduated in the field of finance and accounting.
“I moved around within the ministry in various positions, from low positions to the top, with Director General of Budgets and Contracts being my last position,” he said.
“I then got a very good chance to work in the private sector, so I left the ministry after 17 years and joined the private sector where I spent two-and-a-half years, before I was privileged to have the responsibility of heading the Central Bank of Oman as its Executive President,” added Al Amri.
Oman has a rich history of currency circulation dating back centuries due to its strategic geographical location between the Middle East and India.
Al Amri shed light on the introduction of the Omani Rial into the country and the currencies that were used before HM became the ruler of Oman.
“Before the 70s, Oman had a very strong trade history, and due to that they had a tendency to use other currencies that were prevalent at that time,” he explained. “The main currencies that were used in the late 19th and early 20th century were Maria Theresa Taylor and the Indian rupee. Interestingly enough, the first currency was used mainly in the interior part of Oman, while the coastal areas used the Indian rupee.”
“Between 1959 and 1970, the Gulf rupee, which was issued by the Reserve Bank of India specifically for this area, was used,” he added. “When HM became the ruler, fundamental issues were discussed which also involved focus on financial and currency independence. It was then that the Saudi Riyal was introduced, and it was used until the early 70s.”
He added that work in all aspects of the economy was started in 1970, with currency being one of those areas.
“The Muscat Currency Authority was established to overlook the monitory policy of Oman and was then followed by the establishment of Oman Currency Board,” said Al Amri. “It was then that the Omani Rial was introduced.”
Al Amri ended by talking about the wisdom of HM and the achievements he earned soon after he became the Sultan in 1970.
“HM worked hard in setting up the structure and foundation and, therefore, the country became a member of the International Monetary Fund and the World Bank in 1971 only,” he explained.