Bank Muscat, Oman's largest lender, expects its credit growth to be around 14-15 percent this year, driven by high government spending and higher wages for local citizens, local media quoted its chief operating officer as saying.
Oman will again spend heavily in 2013 on job creation and infrastructure projects, as authorities aim to avoid a repeat of the scattered street protests over economic conditions and political issues which hit the country in 2011.
On Saturday, parliament approved a more than 60 percent increase in the minimum wage for Omanis in the private sector, part of the country's plan to raise living standards and push more locals into the private sector.
Read more: http://www.arabianbusiness.com/bank-muscat-eyes-14-15-credit-growth-in-2013-488933.html
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