Oman inflation below 4% target

22/03/2012 07:47 AST  Reuters

Oman’s finance ministry is not worried about inflation in the sultanate as it is hovering below a 4 percent target, its head was quoted as saying by a local report yesterday.

“Internally, we are watching inflation. So far it is not a big concern. It is still within the target of 4 percent,” said Finance Minister Darwish Al-Balushi.

“That is our priority at this point in time. The government will take all necessary measures to make commodities available in the country,” he said.

Inflation in the countryhas gradually eased last year to 3.3 percent in December from a peak of 5.3 percent seen in August.

In January, Central Bank Executive President Hamood Sangour Al-Zadjali said he expected inflation to be around 4 percent this year, the same as the 2011 average.

Analysts polled by Reuters in December predicted inflation to reach 3.6 percent in 2012. Balushi also said an escalation in tensions around Iran’s disputed nuclear program would hit the economies in the world’s top oil-exporting region hard, adversely affecting inflation.

In an interview with Reuters recently, Oman’s minister responsible for foreign affairs warned that the risk of military conflict between Tehran and the West was rising but there was still plenty of opportunity to negotiate peace.

Oman is located strategically on the opposite side of the Strait of Hormuz, where almost a fifth of oil traded globally passes.

Economic and Business News
2014 | 2013 | 2012 | 2011 | 2010 | 2009 | 2008 | 2007 | News Archive

Most Viewed Companies
Ticker Price Volume
RIBL 34.89 728,914
GFH 0.21
SECO 14.87 5,329,459
ADIB 6.8 2,115,877
DARALARKAN 12.08 13,082,278
DIC 3.91 13,158,942
NBAD 14.9 493,665
Recent News

China Seen Cracking on Property Controls
China’s slump in property sales and construction is spurring speculation that the government’s four-year-old campaign of real-estate controls will start to crack. Citigroup Inc. sees “targeted eas

Soybeans at 10-Month High as Record Crush Erodes U.S. Supplies
Soybeans extended their climb to the highest level in more than 10 months after a report showed record demand from U.S. mills, boosting concern that supplies from the world’s second-biggest exporter

WTI Crude Rises on Escalating Ukraine Crisis; Brent Holds Steady
West Texas Intermediate rose for a second day as concern over the escalating crisis in Ukraine outweighed data showing the biggest gain in U.S. crude supplies in more than a decade. Brent was steady

Platinum Strike Widens Output Deficit Seen Lasting Years
A labor dispute that all but shut platinum mines in South Africa since January is extending the longest shortfall in global production since 2005, which Morgan Stanley predicts will take at least fou

Growth in Scottish economy slows
The Scottish economy grew at a slower pace than the UK as a whole in the final three months of 2013, according to official figures.

Scottish GDP expanded by 0.2%, compared with growth of 0

GulfBase GCC Index
Search By
  • Company Symbol
  • Company Name
  • Mutual Fund Name
  • News Content
Send this page to a friend


Are you satisfied with your full-service broker?