Muscat: The National Centre for Statistics and Information revealed that the effective exchange rate index of the Omani riyal climbed by 3.9% to 118.4 points by the end of April 2024. This rise reflects the currency’s strengthened position in the international market.
Local liquidity in Oman significantly increased, rising by approximately RO 2.5 billion to a total of RO 23.589 billion by the end of April. This marks a 12% increase compared to the same period in 2023, indicating robust economic activity and growth.
Despite the overall positive economic indicators, the total issued cash decreased by 4.6%, recording RO 1.67 billion compared to RO 1.75 billion at the end of April 2023. In contrast, the narrow money supply, which includes total cash outside the banking system plus current accounts and demand deposits in local currency, increased by 7% to RO 6.231 billion.
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Additionally, the Central Bank of Oman’s total foreign assets rose by 3.1%, reaching RO 6.773 billion by the end of April 2024, compared to RO 6.569 billion at the same time last year.
Private sector deposits in commercial banks and Islamic windows also showed a notable increase, amounting to RO 20.087 billion by the end of April 2024. This is a 12.4% rise from the RO 17.877 billion recorded during the same period in 2023.
Furthermore, total loans and financing in commercial banks and Islamic windows grew by 2.6%, reaching RO 30.810 billion by the end of April 2024, compared to RO 30.025 billion the previous year. The average interest rate on total loans increased by 4.4%, recording 5.604% by the end of April 2024.
