For the first time since 1997, the government of Oman issued $2.5bn foreign bonds in June 2016 with maturities of five years and 10 years. Later, in September 2016, the government expanded the size of the issue to $4bn. During 2016 Oman joined several other governments and companies in tapping the global bond market to fund budget shortfalls...
The insurance market in Oman has continued recording healthy growth despite the financial challenges and the impact of falling oil prices in the past two years. The market consists of 22 insurance companies, including a re-insurer company and takaful (Islamic insurance) companies which started operations in 2014. The overall industry...
How have credit ratings affected the sultanate’s ability to finance its budget deficits?
A May 2017 survey published by Oman’s National Centre for Statistics and Information found that 56% of Oman’s residents have accounts or deposits with banks operating in the sultanate, and this figure grows to 68% when only Omani citizens are counted. Omanis benefit from good access to financial infrastructure. The number of bank branches...
Oman’s banking sector appears to have ridden out the recent oil price and economic downturn largely unscathed. While concerns over liquidity arose in the wake of the oil price slump given the government’s status as an important depositor, the situation improved in 2017 as the Omani state borrowed from abroad to avoid withdrawing funds or...
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