Oman's fixed exchange rate of OR0.385:US$1 is unlikely to come under pressure in 2011-12. The Central Bank remains firmly committed to the peg, which it has maintained since 1986. The outlook for Oman's external accounts and foreign asset levels is still sufficiently robust to enable the Central Bank to defend the peg. Oman's decision not to join the planned GCC currency union also means that the peg is less likely to be adjusted in response to any revaluations of the currencies of the other Gulf countries.