Oman's nominal GDP posted an impressive growth of 24% last year compared to the 2004 strong growth of 14.2%, the Central Bank of Oman (CBO) has indicated in its Annual Report for 2005. Factors which contributed to the economic expansion were increased domestic liquidity with soft interest rates, higher and comfortable levels of foreign exchange reserves, progress on diversification and privatization of the economy, and a sound as well as profitable banking system.
