This is mainly due to the change in the rate of the dollar, said an official of the exchange house.
Muscat: Expats in Oman who wish to send money to their families back home in India and Pakistan can continue to take advantage of the high exchange rates of the Omani Rial with the currencies of their respective countries.
Money changers in Oman are offering 495 Pakistani rupees and 201 Indian rupees for one Omani rial and say the rates may show slight fluctuations, but should stay at that level for some time.
“This is mainly due to the change in the rate of the dollar, due to which all other currencies of developing countries are affected,” said an official of a foreign exchange house in Oman.
“We have also seen an increase in the exchange rates of the Philippine peso. While the exchange rate of the Omani rial when converted to Sri Lankan rupees and Bangladeshi taka was also high, these rates have come down slightly in recent days.
According to another exchange house in Oman, this is the highest exchange rate for the Omani Rial when converted to Pakistani Rupee. This is also the case with the Indian rupee.
“We expect rates to change a bit over the next few days, but other than that, rates will most likely stay in the same region,” a currency official said.
Another added: “With the current situation, however, it remains difficult to say whether the value of these currencies will depreciate further or remain at the same level.”
According to figures from the Central Bank of Oman, remittances have largely decreased from 2015 to 2020.
In 2015, 4.2 billion OMR were transferred out of the country, which fell to 3.96 billion OMR in 2016. This figure fell to 3.774 billion OMR in 2017, and although remittances increased slightly to OMR 3.829 billion in 2018, they fell again. to 3.51 billion OMR in 2019 and 3.373 billion OMR in 2020.
“Current transfers (workers’ remittances) fell 4% in 2020 compared to an 8.3% drop the previous year,” the CBO said in its annual report for 2020, which also took into account the impact of the COVID pandemic.
“Current transfers, consisting mainly of worker remittances, however, declined amid stagnant wages and a declining expatriate population,” the bank added.