Figures from the Central Bank of Oman showed a decline in foreign assets during the month of July reaching the lowest level during the last five years, while the deficit in trade of goods and services continued to drain Oman's external reserves. Assets, including gold bullion, fell to 5.92 billion Riyals ($15.4 billion), down by 18.2 percent a year earlier and 3.5 percent than June’s levels.
Oman’s external debt ratio to total foreign exchange reserves rose to 70% in 2017 from 36% in 2016 and 6% in 2015, according to the Central Bank report.
Foreign exchange reserves slightly exceeded 12 billion riyals at the end of last year, according to the report. The budget deficit decreased by 42% in the first half of 2018 compared to 1.41 billion riyals a year ago.
Source (CNBC Website, Edited)
