MUSCAT : The National Centre for Statistics and Information reported that local liquidity in the Sultanate surged by 12.4%, reaching RO 24.35 billion, up by RO 2.7 billion compared to August 2023. This increase underscores the robustness of Oman’s economy as it continues to recover and expand.
Meanwhile, the Central Bank of Oman’s foreign assets also saw a boost, rising by 3.1% to total RO 6.85 billion. This growth highlights the bank’s efforts to maintain strong foreign reserves amid global economic challenges.
Private sector deposits in commercial banks and Islamic windows jumped by 11.7%, totaling 20.8 billion riyals by the end of August 2024, up from RO 18.6 billion last year.
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In contrast, the Omani riyal’s actual exchange rate index dropped by 1.2%, standing at 115 points compared to 116.4 points in August 2023. Additionally, the total issued cash fell by 2.9%, recording RO 1.57 billion. Despite this, the narrow money supply saw a sharp rise of 23.9%, reaching RO 6.93 billion.
The average interest rate on loans increased to 5.603%, reflecting a 3.4% rise compared to the same period last year.
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