Oman’s foreign exchange reserves reach $18bn | Times of Oman

Oman’s foreign exchange reserves reach $18bn | Times of Oman

Muscat: The Central Bank of Oman (CBO) held its fourth Board of Governors meeting on Monday. At the outset of the meeting, the Board reviewed a report elaborating on the state of CBO reserves and the performance of its foreign investments. The Board expressed its profound satisfaction with the state of CBO 2021 foreign exchange (FX) reserves, which has reached an impressive level of $18 billion. The Board said that prominent growth achieved in the FX reserve numbers, has been supported by stable cash flows witnessed throughout the year in view of the rise in oil prices, and recovery of the global economy from the effects of the COVID-19 pandemic. Likewise, the Board observed that the total demand for foreign currency in the local market has remained at reasonably comfortable and satisfactory levels, and has brought the FX reserves of CBO in equation with the value of nine months of country's imports. The FX reserves position ensures a stable purchasing value for the Omani riyal and conforms to the recommendations of international organizations, the Board noted. The Board also commended the concluding report on the credit rating of the Sultanate of Oman prepared by Fitch Agency and applauded the efforts