MUSCAT: The Central Bank of Oman’s (CBO) foreign assets surpassed RO 7 billion by the end of December 2024, reflecting a 4.9% increase from RO 6.734 billion recorded a year earlier.
The growth in reserves highlights global confidence in Oman’s economy, which expanded by 2.7%, with GDP at current prices reaching RO 30.6 billion by Q3 2024.
CBO’s foreign assets include RO 2.865 billion in foreign currency deposits, RO 3.510 billion in securities, and RO 458.7 million in the reserve account with the International Monetary Fund. Gold holdings also saw a remarkable surge, increasing over 200% from RO 77.3 million to RO 234 million.
Meanwhile, foreign assets in commercial banks grew by 9.2% to RO 4.578 billion, up from RO 3.995 billion in December 2023, signaling the sector’s resilience and ability to navigate global financial fluctuations.
The banking sector’s total assets stood at RO 7.429 billion, a 4.7% increase from the previous year. Net profits of listed banks on the Muscat Stock Exchange rose by 15.2% to RO 522.6 million in 2024, compared to RO 453.5 million in 2023. The positive trend is expected to support economic growth and private sector expansion. — ONA
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