Latest news with #OmaniRial
Observer
21 hours ago
- Business
- Observer
IMF hails CBO's transparency, offers roadmap for enhancements
MUSCAT: The International Monetary Fund (IMF) has commended the Central Bank of Oman (CBO) for its proactive steps in enhancing transparency, governance, and monetary policy communication, as highlighted in a landmark Central Bank Transparency (CBT) Review—the first of its kind in the GCC region. Conducted under the IMF's CBT Code, the review — completed in April 2025 and released by the IMF this June — underscores the CBO's alignment with Oman Vision 2040 and its efforts to uphold international best practices. The IMF described the CBO as a trusted and credible public institution with a legal framework firmly underpinning its transparency policies. STRENGTHS IN MONETARY POLICY TRANSPARENCY At the core of the CBO's operational mandate is the maintenance of a fixed peg of the Omani Rial to the US Dollar—a policy sustained through active liquidity management and strong foreign exchange reserves. The IMF praised the central bank for its disclosure of monetary policy objectives, operational frameworks, and the role of liquidity management in supporting the peg. However, the Fund suggested that further transparency gains could be achieved by detailing the decision-making process behind these policies and disseminating key data in formats more accessible to external users. Enhanced publication of frameworks related to counterparties, collateral, and reserve requirements were also recommended. GOVERNANCE AND ACCOUNTABILITY The IMF acknowledged the CBO's well-established internal governance transparency framework, including disclosures on its board structure, decision-making process, and leadership. To raise standards even further, the IMF advised the CBO to place greater emphasis on internal independence, accountability, and risk management. The addition of an explicit access-to-information policy and the publication of existing internal risk and oversight arrangements were highlighted as "quick wins" for improving governance transparency, as many of these structures are already in place but not fully disclosed. With its expanding mandate in financial stability, the CBO now legally holds responsibilities for Emergency Liquidity Assistance (ELA) and macroprudential policy. The IMF noted that while the CBO has made significant efforts to clarify its role, greater transparency is needed regarding the scope of its financial stability mandate, available tools, and coordination mechanisms with other financial agencies. As these shared responsibilities grow, delineating roles and publishing relevant legal and operational frameworks will enhance public and institutional understanding of the CBO's oversight role. AML/CFT SUPERVISION As the designated Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT) supervisory authority for financial institutions under its jurisdiction, the CBO has actively disclosed its legal powers, policies, and supervisory practices. However, the IMF sees room for improvement, especially in public communication of implementation outcomes. The upcoming release of a mutual evaluation report presents an opportunity for the CBO to strengthen communication on its AML/CFT achievements through its website and other outreach platforms. Public appetite for more accessible engagement with the central bank is growing. The IMF urged the CBO to consider simplifying its disclosures for wider public understanding and to expand educational and outreach efforts. This could involve deeper use of social media and communication tools to reinforce transparency and maintain institutional trust. ROADMAP FOR REFORM To help operationalise the findings, the IMF shared a draft Implementation Roadmap, outlining actionable recommendations. The Fund also reiterated its readiness to support Omani authorities in the implementation phase. Overall, the CBT review signals a strong performance by the CBO in aligning with global central banking standards, while identifying opportunities for reform that will solidify Oman's financial credibility and public trust in its monetary authority.
Indian Express
26-04-2025
- Business
- Indian Express
Top 10 highest-valued currencies in the world in 2025
Top 10 Highest valued currency in the world in Rupees: The United Nations officially recognises 180 currencies used across 195 countries. While widespread use and popularity are common traits among many currencies, they don't always correlate with their value or strength. True currency strength lies in purchasing power: the quantity of goods, services, or foreign currency a single unit can secure. A range of local and global factors determine a currency's value, including supply and demand in foreign exchange markets, inflation rates, domestic economic performance, central bank policies, and the overall economic stability of the issuing country. This list highlights the world's 10 strongest currencies and explores the elements behind their impressive valuations. Rank Currency Symbol Value in INR Value in USD 1. Kuwaiti Dinar KWD 278.41 3.26 2. Bahraini Dinar BHD 226.43 2.65 3. Omani Rial OMR 221.65 2.60 4. Jordanian Dinar JOD 120.33 1.41 5. Gibraltar Pound GIP) 113.53 1.33 6. British Pound GBP 113.53 1.33 7. Cayman Islands Dollar KYD 102.49 1.20 8. Swiss Franc CHF 103.34 1.21 9. Euro EUR 97.01 1.14 10. United States Dollar USD 85.34 1.00 Note: The exchange rates are subject to change and the values are based on the recent exchange rates as per Google Finance. Kuwaiti Dinar (KWD) Kuwaiti Dinar (KWD) (Source: iStock) Introduced on April 1, 1961, the Kuwaiti Dinar (KWD) remains the most valuable currency globally. As Kuwait's official currency, the Dinar's strength stems from the country's massive oil wealth, economic stability, and tax-free environment. The KWD is particularly well-known among Indian expatriates, who closely monitor the INR to KWD exchange rate. Bahraini Dinar (BHD) Bahraini Dinar (BHD) (Source: Getty Images) The Bahraini Dinar (BHD), introduced on October 7, 1965, is Bahrain's official currency. The nation's oil-export-driven economy and the BHD's peg to the US Dollar have given it notable stability. A significant expatriate population, particularly from India, also supports the BHD's standing as the second most valuable currency in the world. Omani Rial (OMR) Omani Rial (OMR) (Source: Shutterstock) The Omani Rial (OMR) serves as the official currency of Oman. Before adopting the Rial, Oman used Indian rupee for its monetary needs. The country's substantial oil reserves play a crucial role in its economy, making the energy sector its primary driver. Pegged to the US Dollar, the Omani Rial holds its position as the third highest-valued currency globally. Jordanian Dinar (JOD) Jordanian Dinar (JOD) (Source: iStock) The Jordanian Dinar (JOD) became the official currency of Jordan when it replaced the Palestinian pound in 1950. Thanks to the country's stable fixed exchange rate system and a diversified economic structure, the Dinar has maintained a strong position on the global stage, ranking as the fourth highest-valued currency in the world. Gibraltar Pound (GIP) Gibraltar Pound (GIP) (Freepik) The Gibraltar Pound (GIP) serves as the official currency of Gibraltar. It maintains a fixed 1:1 exchange rate with the British Pound Sterling (GBP). As a British overseas territory, Gibraltar's economy relies heavily on industries such as tourism and e-gaming. The GIP ranks as the fifth strongest currency in the world. British Pound (GBP) British Pound (GBP) (iStock) The British Pound (GBP) is the official currency of Great Britain and is also widely circulated in several other regions and territories. Ranked as the sixth strongest currency in the world, the Pound holds a crucial role in international finance. Its value is bolstered by London's position as a leading global financial hub and by Britain's robust trade activities. Cayman Islands Dollar (KYD) Cayman Islands Dollar (KYD) (Freepik) The Cayman Islands Dollar (KYD) is the official currency of the Cayman Islands, introduced in 1972 after the territory transitioned from using the Jamaican Dollar. Despite ranking seventh in terms of the strongest currencies, it holds the fifth highest value globally. The Cayman Islands' financial prominence, driven by its status as a tax haven, helps maintain the high value of the KYD. Swiss Franc (CHF) Swiss Franc (CHF) (iStock) The Swiss Franc (CHF), introduced on May 7, 1850, is the official currency of Switzerland and Liechtenstein. Switzerland, renowned for its economic stability, is considered one of the wealthiest nations globally. The strength of the Swiss Franc reflects the country's robust financial system and its position as a major global economic player. Euro (EUR) Euro (EUR) (Shutterstock) The Euro (EUR), introduced on January 1, 1999, serves as the official currency for 20 member states of the European Union. It is the second-largest reserve currency globally and ranks as the second-most traded currency in the world. As one of the strongest currencies, the Euro secures its position in 9th place among the highest-valued currencies. United States Dollar (USD) United States Dollar (USD) (Shutterstock) The United States Dollar (USD) is the official currency of the United States and is also used by 11 other countries. As the most traded currency worldwide, the USD holds a dominant role as the primary reserve currency. However, despite its global significance and widespread use, it ranks 10th in terms of strength among the world's highest-valued currencies.
