MUSCAT – Bank Muscat has won the Best Foreign Exchange Provider in Oman (2021) award from Global Finance. The foreign exchange and international payments landscape is an essential part of banking relationships in today’s global economy. Given the dynamic environment and continuous enhancement in technology, the responsibility for quicker and efficient processing is a shared effort by all financial institutions. Superior transaction processing quality resulting in higher efficiencies, faster payments, cost reductions and honoring of commitments to operational excellence have been the hallmarks of the bank’s operations.
Bank Muscat is focused on offering a number of niche services to sustain its competitive edge and is the only bank in the country to offer a full suite of treasury products and services on a 24×7 basis through its Treasury & Capital Markets division. The bank is a consistent winner of the Best Foreign Exchange Provider in Oman award as well as awards by major international banks for outstanding performance in error-free remittance and fund transfers. The award criteria included transaction volume, market share, scope of global coverage, customer service, competitive pricing and innovative technologies. The prestigious publication Fast Markets MB has consistently ranked the bank among the top 5 global institutions for commodity price forecast. A multi-award winning organisation, Bank Muscat has established more than 500 correspondent banking relationships across the world through its Global Financial Institutions division. The bank’s performance across different facets of banking and finance has been consistently lauded by the international financial and banking community for several years.
The treasury products and services include meeting foreign exchange requirements of customers and offering hedging solutions for foreign currency, interest rate benchmarks and commodity price risks. The division offers streaming foreign exchange prices to its counterparty banks and customers and is among the few regional banks to offer a comprehensive commodity hedging product suite to its customers via precious metals, base metals, agricultural and energy products. The bank’s Treasury & Capital Markets division continues to manage the bank’s surplus liquidity through active participation in money markets instruments in line with bank’s overall ALM policy and regulatory guidelines. The service encompasses East Asian as well as early New York time zones spanning all international and GCC working days. The bank believes that its continued focus on synergy efforts and offering quality service to customers will create a sustainable competitive edge for its client-focused businesses in the years ahead.