MUSCAT: Oman continued to demonstrate “remarkable economic resilience” in 2025 despite geopolitical tensions, shifting trade policies and volatility in global financial markets, Central Bank of Oman Governor Ahmed Al Musalmi said.

In his foreword to the Central Bank of Oman Annual Report 2025, Al Musalmi said economic growth remained robust, supported mainly by the continued expansion of non-hydrocarbon sectors and progress under Oman Vision 2040.

“Despite these external challenges, Oman continued to demonstrate remarkable economic resilience,” Al Musalmi said, adding that inflation remained comparatively moderate by international standards.

He said fiscal discipline continued to strengthen public finances, while public debt maintained its downward trajectory and Oman’s sovereign credit profile improved further, helping reinforce investor confidence and macroeconomic stability.

The assessment comes as Oman continues efforts to diversify its economy away from hydrocarbons while expanding investment in manufacturing, logistics, tourism, technology and other non-oil sectors.

The CBO has previously reported that Oman’s economy maintained resilience against a challenging global backdrop, with real GDP growth supported by continued momentum in non-hydrocarbon activities.

Al Musalmi said Oman’s banking sector also continued to show “exceptional strength”, with licensed banks remaining well-capitalised, highly liquid and profitable.

Credit continued to expand towards productive sectors, supporting investment, entrepreneurship and private-sector development while maintaining the overall strength and stability of the financial system, he said.

The central bank itself made significant institutional and regulatory advances during 2025, including frameworks for digital banks and open banking, alongside measures aimed at financing targeted non-oil sectors.

Al Musalmi also highlighted improvements to payment infrastructure, stronger cybersecurity resilience and the launch of Maal, Oman’s national payment card, as steps towards strengthening payment sovereignty and supporting the country’s digital economy.

The CBO said its broader strategy was aimed at building a modern and agile central bank while ensuring the financial sector remains resilient and competitive. Its mandate includes maintaining monetary and financial stability and developing a sound financial system capable of supporting sustainable economic growth.

Looking ahead, Al Musalmi warned that the global environment was likely to remain characterised by heightened uncertainty stemming from geopolitical developments, changing trade dynamics, technological transformation and shifting financial conditions.

He said the central bank would continue strengthening its analytical capabilities, policy frameworks and supervisory effectiveness while responding proactively to emerging risks.

“Our ambition extends beyond preserving stability today,” Al Musalmi said, adding that the CBO was working to build a central bank capable of anticipating future challenges, embracing innovation responsibly and supporting Oman’s long-term prosperity.