Muscat – This initiative aims to enhance payment efficiency, reduce operational errors, and provide a more secure and efficient banking experience for individuals and businesses engaging in financial transfers within the Sultanate.

The CBO had implemented IBAN for international financial transfers in March 31, 2024, which aided in improving the accuracy of financial transactions and accelerating the processing of transfers between local and international banks. Following the success of this implementation, the CBO announced the suspension of receiving any international financial transfers that do not include the IBAN number, to ensure greater consistency with international standards and best banking practices.

In this context, the Central Bank of Oman has issued directives to local banks to stop accepting cross-border transfers that do not use the IBAN number, effective July 1, 2025. The IBAN number will be adopted as a basic requirement for all financial transfers originating from outside the Sultanate of Oman.
Banks are also urged to conduct awareness campaigns for their customers on the importance and benefits of using the IBAN, and to provide the necessary guidance to ensure a safer and faster banking experience.

The Central Bank of Oman urges all customers to ensure they obtain the IBAN number for their bank accounts from their local banks and use it for all financial transfers to ensure smooth transaction processing.