Muscat: This growth reflects strengthening investor confidence in the Omani economy, which saw 2.7% GDP expansion, reaching RO 30.6 billion by the third quarter of 2024.
CBO’s foreign assets are composed of:
Foreign currency deposits: RO 2.865 billion
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Securities: RO 3.510 billion
IMF reserve account: RO 458.7 million
Gold bullion: Soared 200%, from RO 77.3 million to RO 234 million
Commercial banks also witnessed a 9.2% rise in foreign assets, reaching RO 4.578 billion by the end of December 2024, underscoring the competitiveness and stability of Oman’s banking sector in handling external financial fluctuations.
According to CBO’s December 2024 statistical bulletin, the total assets of the central bank grew 4.7% to RO 7.429 billion. With a capital base of RO 1 billion, Oman’s banking sector remains resilient, with banks continuing to expand capital, strengthen financial positions, and diversify offerings.
Preliminary data also highlights a 15.2% jump in net profits for banks listed on the Muscat Stock Exchange, reaching RO 522.6 million in 2024, up from RO 453.5 million in 2023.
