Financial and Banking News

BUDGETS AND REVENUES

Oman Budgets $0.5bn Deficit, Devalues Riyal 

Oman's budget for 1986 foresees a 3.1% decline in revenue and a 2.6% drop in expenditures, so that the government's deficit is scheduled to increase marginally from RO198mn to RO202mn. The local currency - the Riyal Omani (RO) - has been devalued by 10.2% from $2.8923 to $2.5974, which limits the deficit as well as cushioning the government from part of the impact of falling oil...