Oman Country Commercial Guide
Learn about the market conditions, opportunities, regulations, and business conditions in oman, prepared by at U.S. Embassies worldwide by Commerce Department, State Department and other U.S. agencies’ professionals
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Trade Financing
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The U.S. Export-Import (EXIM) Bank is actively pursuing export and project financing opportunities in Oman and has signed a $500 million memorandum of understanding with Oman. U.S. companies might consider EXIM products for potential deals in Oman, especially those that advance U.S. foreign policy objectives. EXIM and the Omani government are in the process of concluding a memorandum of understanding to enhance trade and economic cooperation between the two countries.

Methods of Payment

The most common method of business payment in Oman is a bank letter of credit. Several law firms undertake debt collection, and the U.S. Embassy’s Consular Section can provide a list upon request. There are no credit rating agencies or bureaus in Oman.

For more information about the methods of payment or other trade finance options, please read the Trade Finance Guide.

Banking Systems

Oman’s banking sector consists of 16 licensed local and foreign commercial banks, two specialized banks and eight Islamic commercial banks. Banks are subject to supervision by the Central Bank of Oman, which regulates and licenses private banks, monitors interest rates, and issues development bonds and notes. Oman’s banks are generally well capitalized with low non-performing loan rates.

For more information on the banking system please read the section Capital Markets and Portfolio Investment of the Investment Climate Statement.

Foreign Exchange Controls

The Omani rial is fully convertible and is pegged to the U.S. dollar (OMR 1 = $2.60). There is no restriction on the repatriation of capital from Oman.

U.S. Banks & Local Correspondent Banks

Local banks in Oman maintain U.S correspondents. Bank Muscat has a correspondent banking relationship with J.P. Morgan Chase; National Bank of Oman with Wells Fargo; and Bank Dhofar with Wells Fargo and J.P. Morgan Chase. No U.S. banks operate in Oman, although Citibank remains active in the Omani market through its Dubai office.

For additional information, visit the U.S. Department of State Investment Climate Statements.

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Global Business Navigator Chatbot Beta

Welcome to the Global Business Navigator, an artificial intelligence (AI) Chatbot from the International Trade Administration (ITA). This tool, currently in beta version testing, is designed to provide general information on the exporting process and the resources available to assist new and experienced U.S. exporters. The Chatbot, developed using Microsoft’s Azure AI services, is trained on ITA’s export-related content and aims to quickly get users the information they need. The Chatbot is intended to make the benefits of exporting more accessible by understanding non-expert language, idiomatic expressions, and foreign languages.

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As a beta product, the Chatbot is currently being tested and its responses may occasionally produce inaccurate or incomplete information. The Chatbot is trained to decline out of scope or inappropriate requests. The Chatbot’s knowledge is limited to the public information on the Export Solutions web pages of Trade.gov, which covers a wide range of topics on exporting. While it cannot provide responses specific to a company’s product or a specific foreign market, its reference pages will guide you to other relevant government resources and market research. Always double-check the Chatbot’s responses using the provided references or by visiting the Export Solutions web pages on Trade.gov. Do not use its responses as legal or professional advice. Inaccurate advice from the Chatbot would not be a defense to violating any export rules or regulations.

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The Chatbot supports a wide range of languages. Because the Chatbot is trained in English and responses are translated, you should verify the translation. For example, the Chatbot may have difficulty with acronyms, abbreviations, and nuances in a language other than English.

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