Money exchanges evolving in Oman amid digitalization: CBO

Vinod R Nair

Published: 12:02 PM, Sep 27, 2025

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The operational and financial performance of Money Exchange Establishments (MEEs) in the Sultanate of Oman continued to evolve in 2024, reflecting the ongoing transition amid rising digitalization.

According to the Financial Stability Report 2025, key performance indicators such as profitability and revenue experienced notable declines. Sector-wide profits contracted sharply by 62.8 percent, despite a more moderate 6.1 percent fall in revenue.

Moreover, foreign currency turnover dropped

by 13.9 percent, reversing the upward trend in the previous two years.

MEEs currently do not pose systemic risk due to their limited size and scope of activities within the broader financial system.

Nonetheless, the pronounced drop in profitability underscores the importance of continued supervisory engagement, particularly to ensure the sector’s operational resilience and adaptation to digital transition.

According to sources in money exchange businesses in Muscat, several banks and wallet-based applications offer remittances via direct debit from Oman at competitive prices.

"Money exchanges have evolved with customers, with promotions that offer raffle draws, discounts on service charges, and real-time transfers, among others. We still have a large community among expatriates, inbound and outbound tourists who depend on inbound personal guidance in currency transactions," a senior executive of a money exchange enterprise said.

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