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Annual Report 2020 8:00:00 PMAnnual Report 2020<p style="text-align:justify;"><span class="ms-rteThemeFontFace-1 ms-rteFontSize-2">The Annual Report analyses global and domestic economic developments during the year 2020. The analysis of domestic developments covers the Sultanate's real sector, external sector, financial sector and public finance. As widely known, the year 2020 was marked by an unprecedented global health crisis caused by the covid-19 pandemic forcing people to stay home. While the vaccine has raised hope of returning to normalcy, the virus mutation continues to be the cause of concern.</span></p><p style="text-align:justify;"><span class="ms-rteThemeFontFace-1 ms-rteFontSize-2">Crucial for recovery in the post-pandemic period, the financial sector remained resilient during 2020. The money supply increased by 8.9 percent during the year on the back of credit growth of 3.3 percent and deposit growth of 2.1 percent. The banking sector remained well-capitalized with capital adequacy ratio of 18.9 percent at the end of 2020. The liquidity ratios of banks were also well-above the prescribed norms.</span></p><p><span class="ms-rteThemeFontFace-1 ms-rteFontSize-2">The recent surge in infections in some countries and the virus mutation continue to cloud the global economic outlook. While the Omani economy is also facing these uncertainties, the implementation of the vaccination program has strengthened the conditions for a rebound in economic activities in 2021 and 2022. Going forward, continued focus on fiscal consolidation and a further improvement in the business environment will encourage more investment and support economic activities. With that in mind, the CBO would continue to play its due role in supporting growth and stability in the Sultanate during the upcoming phase.</span></p>AnnualReport

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