Muscat: According to preliminary statistics, the effective exchange rate index of the Omani riyal climbed by 2.7 percent, reaching 118.4 points by the end of June 2024. This surge reflects the currency’s growing strength on the global stage.
Meanwhile, local liquidity in Oman saw a substantial increase, swelling by approximately RO 2.6 billion to hit RO 24 billion, 62 million, and 500 thousand—a robust 12 per cent rise compared to last year.
Interestingly, while the total issued cash decreased by 3.3 per cent, narrowing to RO 1 billion, 708 million and 200 thousand, the narrow money supply (M1) experienced a remarkable 16.3 per cent growth. By the end of June 2024, it recorded RO 6 billion, 732 million and 500 thousand, up from RO 5 billion, 786 million and 600 thousand in June 2023.
Read More
- Honourable Lady visits Omani Women’s Association in Salalah
- Oman Foreign Minister holds talks with Tunisia, Brunei on bilateral ties and global developments
- Oman, Kazakhstan review bilateral ties and regional developments
- Oman’s Health Ministry urges public to act on suspected unsafe food
- Low clouds, fog expected over Muscat and Al Batinah
The Central Bank of Oman also reported a 6.2 per cent increase in total foreign assets, which reached RO 6 billion, 993 million and 700 thousand by the end of June 2024, compared to RO 6 billion, 586 million and 800 thousand a year earlier.
In the banking sector, total loans and financing across commercial banks and Islamic windows rose by 3.8 per cent, totalling RO 31 billion and 432 million by June 2024. This increase coincided with a 2.7 per cent hike in the average interest rate on these loans, now standing at 5.581 per cent.
