As part of its effort to facilitate diversification and enhance resource allocation, the government of Oman has been reforming the financial sector to enhance its ability to efficiently contribute to the objectives of diversification and more rapid growth. This desirable reform, however, has important implications for monetary policy, in particular with regard to the scope of its independence. This section provides empirical evidence on the degree of monetary independence in Oman during the past decade, analyzes the factors that influenced this independence, and examines the scope for such independence at present and in the immediate future.

Policies Toward Sustainable Growth
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