The foreign assets of the Central Bank of Oman decreased in 2020 by 9.9 percent, compared to the levels recorded in the previous year, according to data issued by the Central Bank of Oman, as foreign assets decreased to 5.77 billion riyals (15.03 billion dollars) by the end of last December.
The foreign assets of the Omani Central Bank recorded 6.406 billion riyals (16.69 billion dollars) during the same month of 2019. They are distributed between foreign currency deposits and the Sultanate’s reserve account with the International Monetary Fund, and securities investments.
On a monthly basis, the Central Bank of Oman's foreign assets declined by 0.6 percent in December 2020, compared to 5.805 billion riyals ($15.12 billion) in the previous November.
The Sultanate's public finances were affected by the double whammy of the Corona outbreak and the drop in oil prices, despite it being a small oil producer with a production volume of less than one million barrels per day.
According to a report by Fitch Ratings, the next three years will be a critical test of the resilience of financing Oman has shown in the past. Fitch expects a large fiscal deficit for the Sultanate’s budget, with maturities of foreign debt ranging between $12 and $14 billion annually in the period 2020-2022.
Source (Anatolia Agency, Edited)
