Tuesday 19 May 2009

Oman buys sterling and euros

Non-Opec oil producer Oman is buying small quantities of sterling and euros to diversify reserves but plans to keep the US dollar as its main reserve currency, the central bank chief said on Monday.

Most states in the world's biggest oil-exporting region, including Saudi Arabia, peg their currencies to the dollar and their central banks invest heavily in dollar-denominated assets.

"We are making small investments in pound sterling and the euro, but the main reserves will remain with the US dollar since our riyal is pegged to the dollar," Central Bank of Oman Executive President Hamoud Sangour Al Zadjali said.

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