Muscat: The total loans and financing in commercial banks and Islamic windows saw a significant uptick of 2.7 per cent, reaching a total of RO 30 billion, 612 million, and 300 thousand, marking a noticeable growth from the previous period’s RO 29 billion, 812 million, and 200 thousand.
Simultaneously, the average interest rate on these loans climbed by 3.4 per cent, hitting 5.542 per cent by the end of February 2024, according to preliminary data released by the National Center for Statistics and Information.
The Center’s report also highlighted a robust increase in local liquidity within Oman, surging by approximately RO 3.3 billion to reach RO 23 billion, 939 million, and 800 thousand. This marks a notable 15.8 per cent increase compared to the corresponding period in 2023, showcasing a strengthening financial landscape within the Sultanate.
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However, the total cash issued experienced a slight decrease of 1.9 percent, totaling RO 1 billion and 571 million by the end of February 2024, compared to RO 1 billion and 602 million in the same period last year.
On a positive note, the money supply in its narrow sense surged by 6.9 per cent, reaching RO 6 billion and 117 million and 100 thousand, reflecting a growing financial activity encompassing cash outside the banking system, current accounts, and demand deposits in local currency.
Further, the total foreign assets of the Central Bank of Oman witnessed an uptick of 4.3 percent, reaching RO 6 billion, 862 million, and 200 thousand by the end of February 2024, compared to RO 6 billion, 581 million, and 700 thousand in the corresponding period last year.
Private sector deposits in commercial banks and Islamic windows also showcased a notable increase, totalling about RO 20 billion, 112 million, and 200 thousand, marking a 14.8 per cent surge compared to the same period in 2023, amounting to RO 17 billion, 512 million, and 200 thousand.
Lastly, the effective exchange rate index for the Omani Riyal witnessed a marginal 0.1 percent rise, reaching 114.6 points by the end of February 2024.
