ABILAD SAYt Oman will be one of the biggest winners in Omani investment law in 2018, the Financial Times reported.
Bilad Sayt Omen is the only national currency that is not regulated by the International Monetary Fund (IMF), which has its own currency.
The government has been aiming to become a “cashless economy” and has introduced a scheme called “Cash for All” which will make payments made by banks a standard way of doing business.
“I think that it will be a good initiative, the government will not get too high a profile in this year, but it will certainly be a positive step,” said Abdul-Jalil Hossain, an analyst at PwC.
“They have set up a scheme that is quite ambitious, and the people have been very supportive,” he said.
“In terms of the economy, the banking sector is still in a good place, and there are other areas of potential growth.”
The Finance Ministry is also working on a new currency and its regulatory framework, but the central bank is unlikely to be involved in its implementation, said Hossains co-author Ahmed al-Rashed.
“The central bank will likely continue to monitor the situation with the central government and ensure that the financial system is in a better place,” he added.