Dear Shareholders, 

I am glad to share with you the encouraging results achieved by the Bank during 2011. Amid the challenging global economic and financial situation, the key business lines of the Bank recorded healthy performance on expected lines.

 

Oman’s Economy

The expansionary financial, economic and monetary policies pursued by the Sultanate provided a sustained catalyst for development as the economy recorded a 7 per cent growth in 2011. The 2011 budget was based on oil revenue of $58 per barrel whereas the average price of Oman oil touched $102 per barrel leading to an anticipated budget surplus above RO 900 million. Oman’s economy was largely unaffected by the recent turmoil in global financial markets and the eurozone debt crisis as the oil exports were mainly directed to Asian countries. (read more)