MUSCAT : Outward remittances through Oman’s money exchange houses reached RO 3.51 billion in 2025, up nearly 39% from 2022, reflecting sustained demand for cross-border money transfers, according to the Central Bank of Oman’s Financial Stability Report.

Remittances increased steadily from RO 2.53 billion in 2022 to their highest level during the period reviewed in 2025, underscoring the continued reliance on exchange houses for international transfers.

The central bank said the trend reflected sustained economic links and growing demand for cross-border fund transfers.

Foreign currency turnover, however, followed a different pattern. It rose from RO 1.42 billion in 2022 to RO 1.58 billion in 2023 before easing to RO 1.43 billion in 2025.

The divergence between rising remittances and moderating cash currency turnover suggested a gradual shift towards digital and electronic channels, the report said.

Exchange houses play a crucial role in Oman’s financial system by providing retail foreign exchange services and facilitating international remittances, it added.

The central bank said these establishments did not currently pose a material risk to the wider financial system, given their limited balance-sheet size.

However, their role in cross-border payments makes operational resilience, compliance with anti-money laundering and counter-terrorist financing requirements, cyber risk management and settlement arrangements important areas for continued oversight.

“As payment channels become increasingly digital, supervisory attention to technology risk and business continuity arrangements will become increasingly important,” the report said.

For all the latest news from Oman and GCC, follow us on Twitter, Instagram and LinkedIn, like us on Facebook and subscribe to our YouTube page, which is updated daily.