The foreign currency reserves of the Central Bank of Oman have grown, reaching $18 billion for the first time since 2016.
According to a report issued by the Central Bank, the growth was supported by stable cash flows throughout the year as a result of high oil prices and signs of recovery in the global economy from the effects of the Corona pandemic. According to the Board of Governors of the Central Bank of Oman, the growth has resulted in the Central Bank’s reserves being equal with imports for nearly 9 months, which is within the levels that guarantee the stability of the purchasing value of the Omani riyal, and in conformity with the recommendations of international organizations. While the total demand for foreign currency in the local Omani market remained at reasonable levels.
On the other hand, the inflation rate of consumer prices increased during the month of last November by 3.56 percent compared to the same month of 2020. The rate also increased by 0.12 percent compared to last October, according to the latest data issued by the National Center for Statistics and Information. The rise in the price index is due to the increase in the prices of major groups such as the transportation group 04.11 percent, the education group 10.5 percent, the personal goods and miscellaneous services group 3.18 percent, the tobacco group 98.2 percent, the food and non-alcoholic beverages group 2.76 percent, and the culture and entertainment group 2.64 percent.
Source (Al-Sharq al-Awsat Newspaper, Edited)
