Oman’s macro-financial system remains stable

Oman’s macro-financial system remains stable

Muscat: The stability of Oman’s macro-financial system has shown improvement in 2023, despite the diminished forecast for global growth, and ongoing geopolitical uncertainty, Central Bank of Oman (CBO) said in its latest report.

Most (71 percent) of the respondents are fairly confident in the Omani macro-financial system, the annual Systemic Risk Survey (SRS) conducted by CBO reveals.

“The percentage of respondents who described themselves as ‘very confident’ or ‘fairly confident’ or ‘Just Confident’ in Oman’s macro-financial system increased to 100 percent in 2023 compared to 99 percent in 2022. Meanwhile, the responses in favour of ‘Not at All Confident’ dropped to zero percent in 2023 from one percent in the preceding year,” the survey reveals.

The respondents’ confidence in the Omani macro-financial system increased in 2023 according to the SRS 2023. In SRS 2023, 97 percent of the respondents reported an increase or at least unchanged in their confidence over the last year preceding taking the survey, compared to 92 percent in 2022. “Only three percent of participants in SRS 2023 responded that their confidence ‘decreased’, compared to 8 percent in SRS 2022.

According to the SRS 2023 responses, the perceived probability of an event with a high negative impact occurring in Oman’s financial