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28-03-14

Oman to improve its financial market

(MENAFN) Oman's finance ministry said that the country has announced a "financial stability committee" to manage risks in the banking and capital markets, according to Arab News. The creation of the committee came after the International Monetary Fund suggested that Oman"s authorities "should articulate a formal mandate over financial stability." The committee will be responsible for studying risks and developing financial solutions. The country is spending heavily on huge industrial projects to diversify its economy beyond oil and gas.