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Muscat: The government's healthy economic position yielded an impressive macroeconomic environment of Oman in 2006, according to the Central Bank of Oman's (CBO) annual report for 2006, which was published on Saturday,
"The robust economic growth was characterised by large surpluses in the fiscal and balance of payments positions, low and declining levels of public debt, comfortable levels of foreign exchange reserves, easy domestic liquidity conditions, high growth in bank credit, strong momentum in creation of new employment opportunities for Omanis, a sound and growth supportive banking system, and remarkable progress on economic diversification," the apex bank said in its report.
Nominal GDP growth of 15.6 per cent in 2006 represented high growth for the third consecutive year, and the significant progress on diversification was evident from 34.9 per cent growth in non-petroleum activities as well as 46.3 per cent increase in non-oil exports of Omani origin.
The healthy fiscal position of the government was a hallmark of the vastly improved macroeconomic climate of Oman in 2006, the CBO said.
The sound fiscal environment was characterised by sustained surpluses, growing transfers for creation of increasing financial assets, declining debt as a percentage of GDP, and expenditure reorientation in favour of higher capital expenditure.
The capital expenditure registered a high growth of 24.1 per cent, and the progress on internal debt consolidation was evident in the gradual decline in government debt as a percentage of GDP from 16.3 per cent in 2002 to 8.2 per cent in 2006.
The monetary conditions in the economy came under the dual influence of rising demand for money associated with the needs of a fast growing economy, as well as increasing pressures on money supply expansion resulting from large surpluses prevailing in the balance of payments and the government's fiscal positions.
Caution: CBO urges public to beware of fraud
The Central Bank of Oman (CBO) has urged the general public to beware of the potentially fraudulent activities of scammers and con artists targeting the innocent and gullible.
In a cautionary notice, the apex bank warned that fraud attempts have been on the increase of late, with cheats employing inventive and subtle means to target their victims.
In one such modus operandi employed by the fraudsters, certain fictitious and suspicious companies and individuals from outside the Sultanate, contact Omanis through the internet and faxes claiming that they won lotteries/draws, or offer them some suspicious profitable transactions and trading deals in return for assisting them in getting access or some advantages of banking facilities available in the Sultanate.
- Staff Report
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