MUSCAT – This move is part of the CBO’s broader strategy to enhance the efficiency, security, and accuracy of financial transactions in the Sultanate.
The implementation of this mandate means that international transfers that do not include an IBAN will no longer be accepted. Customers are urged to obtain their IBAN from their respective banks and ensure its use in all incoming and outgoing international transfers.
CBO initially implemented the IBAN system for international transactions on March 31, 2024, which resulted in faster processing times, improved accuracy, and fewer operational errors. Based on its success, the system is now being extended to include domestic financial transactions, starting from July 1 as well.
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