The recent data issued by the National Center for Statistics and Information in the Sultanate of Oman showed an increase in the total foreign assets of the Central Bank in the first five months of this year, as foreign cash reserves grew by 10.4 percent as of the beginning of January until the end of May, amounting to about 6.95 billion riyals (about 18 billion dollars) with an annual comparison.
The foreign reserves with the Central Bank consist of three components, including deposits in foreign currency, the reserve account with the International Monetary Fund, amounting to nearly $400 million, and the securities, amounting to $8.6 billion.
This growth is an indicator that reflects the confidence of international investors in the Omani economy despite all circumstances, and it comes in contrast to what international institutions, including the IMF and the WB, indicate to the possibility of a decrease in the Sultanate's cash reserves in the event of a prolonged epidemic.
Oman's foreign exchange and gold reserves were estimated at about $16.6 billion at the end of 2019, and with the collapse of oil prices and the Corona pandemic, the Sultanate continued to face a critical economic situation that some saw that it might not be able to remedy it quickly.
Source (London-based Al-Arab Newspaper, Edited)
