The data issued by the Omani Statistics Center showed that the Sultanate's total foreign reserve assets increased by 8.5 percent in the first nine months of this year on an annual basis, benefiting from the recovery in crude oil prices in global markets.
The total foreign assets of the Central Bank of Oman exceeded seven billion riyals ($18.2 billion) at the end of last September, after it was about $16.9 billion in the same period last year, which gives the authorities a lot of margins to enhance the durability of their financial system in light of challenges facing the country.
The Sultanate of Oman was hit hard by the double shock of the fall in oil prices and the Coronavirus crisis last year. Whereas the data showed an increase in total loans and financing in commercial banks and Islamic windows by 4.9 percent to reach about $72 billion, compared to $68.6 billion a year ago. The Sultanate approved austerity measures last year that helped it maintain access to international debt markets ahead of debt maturities of about $11 billion this year and next.
Source (London-based Al-Arab Newspaper, Edited)
