Oman is a small oil-rich nation located in the Persian Gulf / Middle East.
As a non-OPEC member country, Oman’s energy production accounts for 75 percent of export earnings. Total population stands at 2.6 million plus 500,000 non-residents for a total count of 3.1 million people.
Economic Statistics
Total GDP at $40 billion USD (2005) as measured by purchasing power parity with corresponding GDP/Capita at $13,200 USD. GDP market is measured at $25 billion USD (2005). GDP growth for 2005 at 4.3 percent of GDP. Inflation for 2005 at 0.4 percent, 2003 at 0.3 percent. The current account is in surplus at $4.6 billion USD with the trade component showing a surplus of $10.3 billion USD (2005). Public debt amounts to only 7.5 percent of GDP, external debt at $4.6 billion USD. Foreign reserves stand at $4.7 billion USD equivalent (2005). Oil reserves estimated at 6.1 billion barrels (2005) while natural gas reserves stand at 829 billion cu m (2005).
CURRENCY: ISO Symbol ‘OMR’, Omani rial. At time of currency review on June 19, 2006, the Omani rial had an exchange valuation of 0.385 OMR to the USD and/or 0.484 OMR to the Euroland euro (EUR). The currency regime follows that of a fixed exchange rate peg.
CURRENCY HISTORY: hard peg to the USD since 1986. The Gulf rupee circulated in Oman up until 1970 at which time the Saudi rial took over. In 1973, the Omani rial replaced the Saudi rial at par.
CURRENCY FORECAST: strong military allied support from both the United States and Britain will help to maintain stability for Oman in a region of the world of great instability. Currency positives for the OMR include increased energy output which will be invested into domestic infrastructure, sound banking system, low inflation and a large trade surplus. Oil exporting countries including Oman are expected to continue with windfall oil revenues with moderate to high oil prices projected, this bodes well for large further capital account surpluses for Oman. In the medium term, it is quite possible that Oman will join five other Gulf States to form a unified currency to circulate within the Middle East by 2010.
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