Muscat: According to an analysis by the Central Bank of Oman, commercial banks from June 2023 to June 2024 reveal a credit uptick of 2.3%, signalling a steady financial expansion. The private sector alone saw a 1.6% rise in credit, amounting to 20.5 billion Omani riyals by June 2024.

On the investment front, traditional banks recorded a 22.4% jump in securities investments, totalling RO 5.6 billion. However, government development bonds decreased by 8.3% year-on-year, settling at RO 1.9 billion. Conversely, investments in foreign securities surged by a staggering 67.9%, reaching RO 2.2 billion.

Deposits also saw a robust rise, with total deposits increasing by 10.9% to RO 24.7 billion. While government deposits slightly dipped by 0.9%, public sector institution deposits climbed by 12.1% to RO 1.8 billion. Private sector deposits notably grew by 11.5%, reaching RO 16.5 billion and making up nearly 67% of total deposits in conventional commercial banks.