Muscat: Credit granted to the private sector also saw a modest rise of 0.7 per cent, reaching RO 20.4 billion, according to the latest statistics from the Central Bank of Oman (CBO).

In terms of investments, traditional commercial banks increased their holdings in securities by a significant 35.8 per cent, bringing the total to RO 6 billion by the end of July. However, investments in government development bonds dropped by 6.5 per cent to RO 1.9 billion. Meanwhile, investments in foreign securities skyrocketed by 115 per cent, reaching RO 2.5 billion.

On the liabilities side, deposits with conventional commercial banks surged by 11.4 per cent, totaling RO 24.8 billion by the end of July 2024. Government deposits experienced a slight decline of 1.7 per cent, now standing at RO 5.4 billion, while public sector institutions saw a sharp 23.4 per cent rise in their deposits, which reached RO 1.9 billion.

Private sector deposits, which account for 65.9 per cent of the total, increased by 9.7 per cent to RO 16.3 billion, reflecting strong confidence in Oman’s banking sector.