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Issue 2 Development Bonds

Oman : 06 March 2010

To repay two maturing bond issues this year, Muscat Oman, through the Central Bank of Oman, will probably propose 2 development bonds worth 1.15 billion Dirham, informed by CBO Executive President, Hamoud Bin Sangour Al Zadjali.

Hamoud Bin Sangour Al Zadjali said that due to maturity of two development bonds this year, there will be some borrowings. If crude oil prices remained at the existing level, the budget deficit would be wiped out. Economy is awash with liquidity. Banks will be capable to meet full credit requirements of both private and government sectors. Interest rates are not expected to rise.

In its budget documents, the government had said that its fiscal deficit for the year would be 3% of its GDP or 13% of its revenue on the basis of oil prices of more than 50 US Dollar per barrel. Due to recovery from international recession, crude oil prices soared by 78% in 2009.

Paul Holdsworth, Staff Writer, Gulf Jobs Market News
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