Oman rules out market intervention

Muscat: Oman on Monday ruled out intervention to combat global market turmoil.

"We don't see any need to intervene," Maqbool Bin Ali Sultan, Oman's Minister of Commerce and Industry, told Gulf News. He assured that banks in Oman were strong enough to surmount the turmoil as they have adequate liquidity.

He said so far there were no official talks among the GCC states to respond to the crisis and ruled out capital flows from Oman to the UAE.

"I don't see that happening," he said. "We are on a strong footing and fear is the only factor pulling down the market." He urged investors not to panic.