MUSCAT : Oman’s banking sector remains sound, with ample capital and liquidity buffers and strong asset quality, according to the International Monetary Fund (IMF).
IMF staff teams led by Cesar Serra, visited Muscat, Oman, during June 6-14, 2023 to discuss economic and financial developments, the outlook, and the country’s policy and reform priorities and
conveyed their preliminary findings.
In a statement issued, IMF said the country’s banking sector has recovered from the pandemic lows. “The banking sector remains sound. Profitability has recovered from pandemic lows. Banks display ample capital and liquidity buffers. Asset quality remains strong while credit to the private sector continues to expand,” IMF said.
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“Buoyed by oil and non-oil exports, the current account in 2022 recorded its first surplus since 2014, at 5.2 percent of GDP, and is projected to remain in surplus over the medium term. Gross international reserves held by the Central Bank of Oman stood at $17.6 billion in 2022 (4.7 months of prospective imports),” IMF added.
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