Central Bank of Oman Increases Reserves to OMR 7 Billion, Gold Holdings Up by 200%

According to the report on Saturday, March 8, 2025, the Central Bank of Oman (CBO) increased its foreign assets and gold reserves to OMR 7.068 billion (USD 18.37 billion) by the end of December 2024. This marks a 4.9% growth compared to OMR 6.734 billion (USD 17.47 billion) in December 2023.

This increase reflects investor confidence in Oman’s economy. In 2024, the country’s GDP grew by 2.7%, reaching OMR 30.6 billion (USD 79.5 billion) in the third quarter.

Breakdown of CBO’s Foreign Assets:

• 📌 Foreign currency deposits: OMR 2.865 billion (USD 7.45 billion)
• 📌 Securities: OMR 3.510 billion (USD 9.13 billion)
• 📌 IMF reserve account: OMR 458.7 million (USD 1.19 billion)
• 📌 Gold reserves: Increased by 200%, rising from OMR 77.3 million (USD 202 million) to OMR 234 million (USD 610 million) in 2024.

✅ Commercial banks in Oman also saw a significant rise in foreign assets. By the end of December 2024, these assets reached OMR 4.578 billion (USD 11.92 billion), reflecting a 9.2% growth. This underscores the stability and competitiveness of Oman’s banking sector in navigating financial fluctuations.

CBO’s December 2024 statistical report indicates that the bank’s total assets grew by 4.7%, reaching OMR 7.429 billion (USD 19.26 billion). With a capital base of OMR 1 billion, Oman’s banking sector continues to strengthen its capital, improve financial positions, and expand services.

According to preliminary data, the net profit of banks listed on the Muscat Stock Exchange rose by 15.2% in 2024, reaching OMR 522.6 million (USD 1.36 billion), compared to OMR 453.5 million in 2023.

The increase in reserves and profitability highlights economic resilience and growing investor trust in Oman’s financial market.