A Financial Sector for the Economy of the Future: Oman

Underpinned by Vision 2040, Oman aims to reduce its economic reliance on the hydrocarbon sector by diversifying its economy. Reforms are targeted to develop a well-diversified, private-led, sustainable, and inclusive economy where innovation and knowledge play a more prominent...
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Volume/Issue: Volume 2024 Issue 019
Publication date: June 2024
ISBN: 9798400278778
$15.00
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Topics covered in this book

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Finance , Money and Monetary Policy , International - Economics , Financial market development , capital markets , bond market , yield curve , banking , Oman , vision 2040 , policy action , government bond bond market , market liquidity , secondary market trading , Financial sector development , Securities markets , Stock markets , Sovereign bonds , Global

Summary

Underpinned by Vision 2040, Oman aims to reduce its economic reliance on the hydrocarbon sector by diversifying its economy. Reforms are targeted to develop a well-diversified, private-led, sustainable, and inclusive economy where innovation and knowledge play a more prominent role. This requires the existence of a well-developed, inclusive, and stable financial sector that can navigate the country’s transformation and fund the new economy. As the economic transformation gains traction and entrepreneurship and innovation take center stage, Oman’s financial sector will face a more complex environment where it needs to develop innovative financial and risk management solutions to cater for the emerging and expanding financial needs of the different players in the economy. Against this background, this note provides an assessment of the development of Oman’s financial sector, identifies areas for potential improvement, and proposes policy actions to foster further financial development and inclusion.