A Financial Sector for the Economy of the Future: Oman

Selected Issues Papers, June 13, 2024

Source details

Oman’s Vision 2040 underpins efforts to reduce economic reliance on the hydrocarbon sector by diversifying the economy.
Reforms target a well-diversified, private-led, sustainable, and inclusive economy where innovation and knowledge play a more prominent role.
A well-developed, inclusive, and stable financial sector is identified as a prerequisite to navigate the country’s transformation and to fund the new economy.

As economic transformation gains traction and entrepreneurship and innovation increase, Oman’s financial sector will face a more complex environment.
The financial sector will need to develop innovative financial and risk management solutions to cater to the emerging and expanding financial needs of different economic players.
The note provides an assessment of the development of Oman’s financial sector and identifies areas for potential improvement (specific areas are identified in the source document).

The note proposes policy actions to foster further financial development and inclusion (the source document sets out these proposals).
Policy emphasis is on enabling the financial sector to support entrepreneurship, innovation, and the funding needs of a diversified economy.

Subject: International organization, Monetary policy
Keywords: banking, bond market, capital markets, Financial market development, Oman, yield curve

Source: A Financial Sector for the Economy of the Future: Oman, Thomas Kroen, Selected Issues Paper No. 2024/019 (June 13, 2024).