CBO: Oman's BoP position is comfortable

(MENAFN- Muscat Daily) Oman's balance of payment (BoP) position remained comfortable last year with a surplus of RO429mn the Central Bank of Oman (CBO) said in its annual report.

Total merchandise exports amounted to RO20.5bn in 2014 representing a decline of 5.7 per cent from 2013. Merchandise imports fell by 13 per cent to RO10.7bn. The bulk of imports included mineral products electrical machinery and mechanical equipment and transport equipment.

The merchandise trade surplus increased to RO9.7bn from RO9.4bn.

However services income and current transfers continued to be in a deficit mode given the nature of the Omani economy. The combined deficit on these three accounts rose to RO8.2bn from RO7.4bn a year earlier.

The net effect was a surplus current account of about RO1.6bn in 2014 compared with surplus of RO2bn registered in the previous year. The CBO's foreign exchange reserves increased by RO233mn while government reserves increased by RO196mn.