Central Bank of Oman Moves to International Bank Account Number (“IBAN”) Standard

Oman is an independent sultanate Oman is an independent sultanate located on the southeastern coast of the Arabian Peninsula in Western Asia (Middle East). It is bordered by Saudi Arabia, the United Arab Emirates, and Yemen, with a long coastline along the Arabian Sea and the Gulf of Oman. Muscat is the capital and largest city. It is bordered by Saudi Arabia, the United Arab Emirates, and Yemen, with a long coastline along the Arabian Sea and the Gulf of Oman. Muscat is the capital and largest city. Oman’s nominal GDP is projected to reach approximately $113 billion in 2026 growing at approximately 3.1%. Despite diversification efforts, oil and gas remain central to the economy.

Payment Changes

Following an announcement by the Central Bank of Oman (“CBO”) to transition all payments to the International Bank Account Number (“IBAN”) effective immediately, pacs.008 payments in all currencies must contain ...