Muscat: All foreign exchange companies operating in the Sultanate have been cautioned by the Central Bank of Oman against adding any additional burden on the public with relation to exchanging Omani rials against UAE dirham at rates that are remarkably different from the old rates.
The CBO sent a circular to all foreign exchange companies operating in the Sultanate indicating that it has come to its notice that some foreign exchange companies provide remarkably varying exchange rate for the Omani rial against the UAE Dirham compared to the previous rates.
Hamoud bin Sangour Al Zedjali, Executive President of the CBO said in the circular that due to the pegging of the Omani rial to the US dollar in a bid to maintain the bilateral commercial and other relations with other countries, no unnecessary additional burden should be imposed on the public.
The executive president of the Central Bank of Oman affirmed that all foreign exchange companies operating in the Sultanate should comply with such instructions.
‘As there are no restrictions over the exchange rates, these establishments are required to take necessary measures to ensure integrity and fairness of their transactions and not to provide an opportunity for unnecessary speculations.