About Central Bank of Oman
The Bank was established in the beginning of 1974, as a natural outcome of the steady evolution of monetary system in the Sultanate, as well as of the tremendous impetus in the economic activities the country witnessed, consequent of H.M Sultan taking over the reins of the nation in the year 1970.
Before the establishment of Central Bank, the important function of a central bank, namely, the issue of currency was carried out in different ways. Either the currency or coins of other countries were used or those issued by the then Governments served as the medium of exchange.
Until 1970, Oman had no body whatsoever to supervise the monetary and banking system. With the introduction of its own national currency in Oman, a need arose to establish an authority to deal with currency management, and a monetary authority called Muscat Currency Authority was established in 1970 for purpose of printing, issue and redemption, management and safekeeping of the new currency… Continue reading about Central Bank of Oman here.