Identifier
Created
Classification
Origin
07MUSCAT216
2007-03-05 10:59:00
CONFIDENTIAL
Embassy Muscat
Cable title:
OMAN CENTRAL BANK: NO INTENTION OF REVALUING
how-toVZCZCXYZ0002 RR RUEHWEB DE RUEHMS #0216 0641059 ZNY CCCCC ZZH R 051059Z MAR 07 FM AMEMBASSY MUSCAT TO RUEHC/SECSTATE WASHDC 7890 INFO RUEATRS/DEPT OF TREASURY WASHDC RUCPDOC/DEPT OF COMMERCE WASHDC
C O N F I D E N T I A L MUSCAT 000216
SIPDIS
SIPDIS
STATE FOR NEA/ARP, EEB/IFD/OMA
TREASURY FOR VALVO
COMMERCE FOR ITA COBERG
E.O. 12958: DECL: 03/04/2017
TAGS: EFIN ECON MU
SUBJECT: OMAN CENTRAL BANK: NO INTENTION OF REVALUING
CURRENCY
Classified By: DCM Alfred F. Fonteneau for reasons 1.4 (b, d)
(C) In a February 28 meeting with Econoff, Central Bank of
Oman Executive Vice President Mohammed Nasser al-Jahdhamy
denied claims in a UAE press report that Oman would revalue
its currency by 25-30%. "Not true," stated Jahdhamy of the
article that appeared in the al-Khaleej Times, which reported
on Deutsche Bank's financial outlook for the region. "We
have no plans to revalue the Omani rial." He noted that the
media report caught him, and the Central Bank's Executive
President, off-guard. Jahdhamy acknowledged that the weak
dollar was putting inflationary pressure on Omanis, since the
rial is pegged to the U.S. currency, but remarked that the
government's November 2006 move to raise public sector wages
by 15% was intended to counteract such price increases.
GRAPPO