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 Occasional Papers

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Navigating Liquidity Challenges under a Peg: Evidence on Sterilization in Omanhttps://authoring.bnet.om/english/Reports/Pages/Navigating-Liquidity-Challenges-under-a-Peg-Evidence-on-Sterilization-in-Oman.aspx4/29/2026 8:00:00 PMNavigating Liquidity Challenges under a Peg: Evidence on Sterilization in Omanhttps://publishing.bnet.om/sites/assets/Documents/English/Publications/OccasionalPapers/Working%20Paper%202-2026%20Navigating%20Liquidity%20Challenges%20under%20a%20Peg%20-%20Evidence%20on%20Sterilization%20in%20Oman.pdf<p style="text-align:justify;"><span class="ms-rteThemeFontFace-1 ms-rteFontSize-3">Working Paper 02/2026​</span></p><p style="text-align:justify;"><span class="ms-rteThemeFontFace-1 ms-rteFontSize-3">This paper assesses the effectiveness and operational features of foreign exchange sterilization by the Central Bank of Oman under the long-standing peg of the Omani rial to the U.S. dollar. Using monthly data and a combination of quantile regression and a behavioral reaction function, the analysis quantifies how FX-driven liquidity shocks have been absorbed through the central bank balance sheet and examines how sterilization policy has been implemented over time.<br></span></p>
Impact of Oil Price Fluctuations on Central Bank of Oman's Foreign Exchange Reserveshttps://authoring.bnet.om/english/Reports/Pages/Impact-of-Oil-Price-Fluctuations-on-CBO's-Foreign-Exchange-Reserves.aspx4/7/2026 9:00:00 AM Impact of Oil Price Fluctuations on Central Bank of Oman's Foreign Exchange Reserveshttps://publishing.bnet.om/sites/assets/Documents/English/Publications/OccasionalPapers/Impact%20of%20Oil%20Price%20Fluctuations%20on%20CBO%27s%20Foreign%20Exchange%20Reserves.pdf<p style="text-align:justify;">​​​<span class="ms-rteThemeFontFace-1 ms-rteFontSize-3" style="color:#333333;background-color:#ffffff;">Working Paper 01/2026</span></p><div style="text-align:justify;"><span class="ms-rteThemeFontFace-1 ms-rteFontSize-3">This paper examines the impact of oil price fluctuations on the foreign exchange (FX) reserves of the Central Bank of Oman (CBO) under a conventional fixed-peg exchange rate regime. Using monthly data from January 2010 to December 2024, the analysis employs linear and nonlinear autoregressive distributed-lag models (ARDL and NARDL) to capture long-run equilibrium relationships and short-run </span><span style="font-size:13pt;">adjustment dynamics, while allowing for asymmetric responses to oil price increases and declines.​</span></div>
Oman’s Tax Capacity and Effort: Empirical Evidence, Benchmarking, and Policy Optionshttps://authoring.bnet.om/english/Reports/Pages/Oman-Tax-Capacity-and-Effort-Empirical-Evidence-Benchmarking-and-Policy-Options.aspx12/28/2025 8:00:00 PMOman’s Tax Capacity and Effort: Empirical Evidence, Benchmarking, and Policy Optionshttps://publishing.bnet.om/sites/assets/Documents/English/Publications/OccasionalPapers/Policy%20Brief%203-2025%20Oman%E2%80%99s%20Tax%20Capacity%20and%20Effort.pdf <div style="text-align:justify;"><span class="ms-rteThemeFontFace-1 ms-rteFontSize-3">​Policy Brief 3/2025<br></span></div><div style="text-align:justify;"><span class="ms-rteThemeFontFace-1 ms-rteFontSize-3"><br>This study assesses Oman’s tax capacity and tax effort within the context of its ongoing fiscal transformation under Oman Vision 2040 and the Medium-Term Fiscal Plan. Against a backdrop of historically high reliance on hydrocarbon revenues and exposure to oil-price volatility, the analysis seeks to quantify how much non-oil tax revenue Oman can realistically and sustainably mobilize, given its economic structural characteristics and institutional capacity, and to benchmark performance against comparable hydrocarbon-dependent economies. The findings further highlight opportunities to strengthen existing revenue instruments and tax administration, thereby supporting a well-sequenced implementation of forthcoming reforms.”<br></span></div>

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