Muscat: This growth is attributed to a 16.7% increase in narrow money and an 11.2% rise in quasi-money, which includes savings deposits, time deposits in Omani riyals, and foreign currency deposits within the banking sector.
While cash held by the public saw a decline of 9.2% at the end of June, demand deposits soared by 24.6%.
Additionally, the interest rate landscape has changed notably. The weighted average interest rate on deposits in Omani riyals rose from 2.313% in June 2023 to 2.651% in June 2024. Similarly, the weighted average interest rate on loans climbed from 5.434% to 5.581% during the same timeframe.
Read More
- His Majesty Sultan Haitham sends condolences to French President over death of former PM
- Oman launches Halal Tourism workshop to strengthen hospitality sector
- Should one company’s violation affect another? Concerns raised over linked commercial registrations in Oman
- Oman’s Labour Ministry reminds job seekers to activate status monthly to avoid allowance suspension
- Muscat Municipality begins road maintenance works in Amerat
In the interbank lending market, the average interest rate for overnight loans ticked up to 5.402%, a slight increase from 5.350% in June 2023. This uptick aligns with a rise in the weighted average interest rate on repurchase operations, now at 6%, up from 5.750% last year, reflecting ongoing monetary policies influenced by the US Federal Reserve.
