Muscat - The foreign assets and gold bullion of the Central Bank of Oman (CBO) rose by the end of December 2024 to RO 7.68 billion, registering an increase of 4.9 percent over their level in December 2023, which amounted to RO 6.734 billion.
The increase in the bank’s foreign assets reflects the confidence of international institutions in the Omani economy, while the national economy recorded a growth of 2.7 percent, with the gross domestic product at current prices rising to RO30.6 billion by the end of the third quarter of 2024.
The foreign assets of the Central Bank of Oman include deposits in foreign currency worth RO2.865 billion, securities worth RO3.510.4 billion, in addition to the reserve account with the International Monetary Fund worth RO458.7 million, while the value of gold bullion at the Central Bank last year witnessed a strong growth of more than 200 percent from RO77.3 million to RO234 million.
At the same time, foreign assets in commercial banks recorded a 9.2 percent increase last year, rising to RO4.578 billion by the end of December 2024 compared to RO3.995 billion in December 2023.
The increase in foreign assets in Omani banks is an indicator of the competitiveness of the Omani banking sector and its ability to respond to international variables, financial fluctuations, and manage external obligations.
The monthly statistical bulletin of the Central Bank of Oman in its December 2024 issue indicated an increase in various financial indicators of the Omani banking sector. The total assets of the Central Bank of Oman rose by the end of last December to RO7.429 billion, recording a growth of 4.7 percent over their level in December 2023.
The capital of the Central Bank of Oman amounts to ROP1 billion.
In light of these indicators, the Omani banking sector is expected to maintain its growth during the current year, while commercial banks are moving towards increasing their capital, strengthening their financial positions, and diversifying their products.
It is expected that the profits recorded by banks during the past year will have a positive impact on the national economy in general and contribute to the development of private sector activities.
Preliminary data indicate that the net profits of banks listed on the Muscat Stock Exchange increased last year to RO522.6 million, compared to RO453.5 million in 2023, recording a growth of 15.2 percent.
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