Muscat – Conversely, the narrow money supply (M1), which consists of the total cash outside the banking system in addition to current accounts and demand deposits in the local currency, increased by 6.6 percent, recording RO 5,981.1 million, compared to RO 5,611.5 million, at the end of 2022.

Initial data issued by the NCSI showed that broad money supply (M2)at the end of 2023 stood at RO 23,001.8 million, an increase of 13.1 percent compared to the corresponding period in 2022.
Narrow money supply, which consists of total cash outside the banking system in addition to current accounts and demand deposits in local currency, increased by 6.6% to RO 5,981.1 million, compared to RO 5,611.5 million at the end of 2022.

Meanwhile, private sector deposits in commercial banks and Islamic windows at the end of 2023 stood at RO 19,205.1 million, up by 10.6 percent compared to the corresponding period in 2022 (RO 17,360 million).

Total loans and financing in commercial banks and Islamic windows grew by 4.3 percent at the end of 2023 to RO 30,475.6 million, compared to RO 29,223.2 million.
The average interest rate on total credit increased 2.5 percent at the end of 2023 by 5.513 percent, while the actual exchange rate index of the Omani Rial stabilized at 114.3 points at the end of 2023.