MUSCAT: The Central Bank of Oman has suspended the operations of Oman United Exchange LLC until further notice.

In a statement issued, CBO said the exchange was found to be non-compliant with the regulation regarding regulating the two professions. “The Central Bank of Oman hereby notifies the public of its decision to impose suspension on operations of Oman United Exchange LLC as of Tuesday December 7, 2021, until further notice.

“The said entity was found to be non-compliant with the regulation regarding   regulating the two professions: Money Changing and Money Changing and Issue of Drafts and the directions issued by the Central Bank of Oman. The supervisory action has been taken in exercise of powers vested with CBO under the Banking Law 114/2000. The Central Bank of Oman has directed Oman United Exchange LLC to swiftly settle the outstanding remittances and all other dues,” the statement added.