ABU DHABI: The new executive president of Oman’s central bank said on Sunday that his country remained committed to the rial’s currency peg against the US dollar.
Tahir Salim Al-Amri, a former director-general of treasury and accounts at the Ministry of Finance, was speaking to Reuters on the sidelines of a meeting of Arab central bank governors, in his first comments to foreign media since he was appointed earlier this month.
Al-Amri said the rial was not under pressure in the foreign exchange market, despite low oil prices that have strained Oman’s state finances and current account balance.
In October last year the Saudi Arabian-owned Al Sharq Al-Awsat newspaper quoted Hamood Sangour Al-Zadjali, Amri’s predecessor, as saying the creation of a single Gulf Cooperation Council currency had become inevitable and that “serious measures” were being studied to achieve it.
On Sunday, however, Al-Amri said that Oman was not committed to the single currency project.
“We are committed to the dollar peg but not to the single GCC currency that was decided some years ago,” he said.
Oman committed to US dollar peg, new central bank chief says
Oman committed to US dollar peg, new central bank chief says
Closing Bell: Saudi main index closes in red at 10,847
RIYADH: Saudi Arabia’s Tadawul All Share Index dipped on Wednesday, losing 58.51 points, or 0.54 percent, to close at 10,847.93.
The total trading turnover of the benchmark index was SR3.78 billion ($1 billion), as 73 of the listed stocks advanced, while 187 retreated.
The MSCI Tadawul Index decreased, down 7.09 points or 0.48 percent, to close at 1,472.98.
The Kingdom’s parallel market Nomu lost 178.75 points, or 0.77 percent, to close at 22,916.83. This comes as 30 of the listed stocks advanced, while 37 retreated.
The best-performing stock was the Power and Water Utility Co. for Jubail and Yanbu, with its share price surging by 8.47 percent to SR31.24.
Other top performers included Saudi Paper Manufacturing Co., which saw its share price rise by 6.13 percent to SR53.70, and Jamjoom Pharmaceuticals Factory Co., which saw a 4.58 percent increase to SR137.
On the downside, the worst performer of the day was CHUBB Arabia Cooperative Insurance Co., whose share price fell by 5.14 percent to SR17.53.
Saudi Kayan Petrochemical Co. and Arabian Internet and Communications Services Co. also saw declines, with their shares dropping by 4.87 percent and 4.43 percent to SR4.88 and SR181.40, respectively.
On the announcement front, Saudi Kayan Petrochemical Co. announced its annual financial results for 2025, with sales dropping 3.06 percent year-on-year to SR8.45 billion. The company also recorded a net loss of SR893.86 million.
In a Tadawul statement, the company said the net loss and decline in annual sales were driven by a drop in average selling prices, despite higher sales volumes.
