Oman’s central bank said that the country is still committed to peg the rial to the United States dollar and the value of the currency in the futures market did not change. Responding to rumours in the market, Hamoud bin Sangour Al Zadjali, executive president of the Central Bank of Oman, stated that other Gulf states also refuted baseless rumours of devaluation of Omani rial against other Gulf currencies. Such reports are generated in light of the economic pressures that oil-producing countries currencies are falling due to decline in global oil prices since the middle of last year, he added. He also clarified that interest rates in the Oman’s banking sector are determined by supply and demand forces in line with the principles on which the Omani economy is based, including market freedom. (Times of Oman)