Ministry and The Times of Oman say ‘Everything’s OK in the Markets’

Both the Ministry of Commerce and Essa Al Zedjali say everythings alright in the market, well regulated, etc etc. So that’s OK then. (but always interesting to see how a comment by HE Maqbool or HE Mackie is always followed by an obsequious follow-up of unquestioning support in the Times of Oman the next day).

But, strange that if everything’s so great why the Government have not issued a guarantee to all depositors and promised to stand behind inter-bank loans, as was done in the UAE earlier this week. If everything’s so solid, it wouldn’t cost them anything would it?

I’d also still like to see something a little more detailed on the banks' liabilities, not withstanding Muscati’s comment that the big institutional investors had been briefed by Bank Muscat last month. They haven’t told the smaller guys or the public, nor issued a formal statements to shareholders apart from the usual profit/loss statement.

If you’d followed my tip on buying BM & Galfar on Sunday you’ll already be up. Good luck. The main thing is oil price. If it stays above $60, Oman is fine.


Maqbool allays fears of financial meltdown

ONA Tuesday, October 14, 2008
MUSCAT — “There is nothing to worry about the current global financial crisis and the government is closely monitoring the economic situation,” said Maqbool bin Ali Sultan, minister of commerce and industry and chairman of the Capital Market Authority (CMA), yesterday.

He was addressing a press conference on the CMA premises during which he pointed out that the Sultanate’s financial and economic situation in general, and that of the banks and public companies in particular, were excellent.
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This was followed the next day by Essa's exhortion to buy shares, neglecting to mention that if you'd listened and acted the last time HE Maqbool pumped the market you'd have lost around 30% of your money, but hey, details.
Cashing in on crisis

Times News Service
Wednesday, October 15, 2008
WHEN Maqbool bin Ali Sultan, minister of commerce and industry and chairman of Capital Market Authority, comes out to console the worrying investors with a “there’s nothing to worry about” message, one has to stop and listen.
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