Muscat: By the end of December 2024, the Central Bank of Oman (CBO) reported that its foreign assets and gold reserves reached OMR 7.068 billion, reflecting a 4.9% increase from OMR 6.734 billion in December 2023.
This growth underscores the confidence that international institutions have in Oman's economy, which achieved a growth rate of 2.7%, with the gross domestic product (GDP) at current prices hitting OMR 30.6 billion by the conclusion of the third quarter of 2024.
The CBO's foreign assets comprise OMR 2.865 billion in foreign currency deposits, OMR 3.5104 billion in securities, and a reserve account with the International Monetary Fund (IMF) valued at OMR 458.7 million. Notably, the Central Bank's gold reserves experienced a significant increase of over 200%, climbing from OMR 77.3 million to OMR 234 million in 2024.
Additionally, foreign assets held by commercial banks rose by 9.2% last year, reaching OMR 4.578 billion by the end of December 2024, compared to OMR 3.995 billion in December 2023.
This increase in foreign assets at Omani banks highlights the sector's competitiveness and its capacity to adapt to global changes, financial fluctuations, and external obligations.
According to the CBO's December 2024 statistical bulletin, there has been a general improvement in the financial indicators of the Omani banking sector. Total assets at the Central Bank grew to OMR 7.429 billion by the end of December 2024, marking a 4.7% increase from December 2023. The CBO's capital remains at OMR 1 billion.
Given these indicators, the Omani banking sector is poised for continued growth in 2025, as commercial banks seek to enhance their capital, fortify their financial positions, and diversify their offerings. The profits generated by banks last year are expected to have a positive effect on the national economy and bolster private sector activities. Preliminary data indicates that net profits for banks listed on the Muscat Stock Exchange rose to OMR 522.6 million in 2024, up from OMR 453.5 million in 2023, reflecting a growth rate of 15.2%.
