IMF Staff Country Reports

This paper on Oman focuses on Central Bank Transparency Code Review. The Central Bank of Oman (CBO) has a strong focus on transparency, building on the Omani Vision 2040. The CBO has an internal governance transparency framework; going forward, more emphasis could be placed on independence, internal accountability, and risk management. The CBO has put in place a comprehensive transparency framework for its core monetary policy mandate. Improving disclosure of the CBO’s official relations would enhance its transparency framework. There appears to be broad appetite on the part of the general public for deeper engagement with the CBO. This is important for the CBO to maintain the public trust and support for its mandate and institutional status, and to ensure effectiveness of its policies. A detailed Implementation Roadmap would be helpful to assist the authorities in following up on the mission’s findings. The mission informally shared a draft Roadmap consisting of all findings and recommendations.