Muscat: The Central Bank of Oman’s recent report highlights a steady 0.8 percent increase in the total credit balance granted by traditional commercial banks. Particularly noteworthy is the 1.6 percent surge in credit extended to the private sector, amounting to RO 20.3 billion by the end of March 2024.
In terms of investments, traditional banks demonstrated a robust appetite, with total investments in securities soaring by 28.0 per cent to approximately RO 5.7 billion. This surge was primarily driven by a remarkable 139.0 per cent increase in investments in foreign securities, reaching RO 2.3 billion by March 2024.
However, the report also notes a 17.1 per cent decline in investments in government development bonds compared to the previous year, totalling RO 1.8 billion.
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Turning to liabilities, total deposits with traditional commercial banks surged by 10.2 per cent, reaching RO 24.4 billion by March 2024. Notably, government deposits with these banks increased by 2.8 per cent to approximately RO 5.2 billion, while deposits from public sector institutions saw a substantial 38.1 percent jump to around RO 2.5 billion during the same period.
Private sector deposits, constituting a significant portion at 65.7 per cent of total deposits, experienced a healthy 9.7 per cent increase, reaching RO 16.0 billion by March 2024.
