Moreover, foreign currency turnover dropped
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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