Muscat: According to preliminary data released by the National Centre for Statistics and Information (NCSI), the rise marks a gain of RO 1.8 billion over the same period in 2023, signalling strong monetary growth and confidence in the financial system.
The private sector’s deposits in both commercial banks and Islamic windows hit RO 20.83 billion, up 8.5% from RO 19.2 billion in December 2023. Meanwhile, total loans and financing in these institutions rose by 6.7%, reaching RO 32.5 billion.
The average interest rate on total loans also climbed, standing at 5.644%, an increase of 2.4%, reflecting a tightening interest rate environment.
Read More
- Oman allocates over 2,000 acres in Dhofar for 10 food security projects worth over RO 2 million
- Future Fund Oman’s Orion Solar investment to generate RO 35 million in local content, create 1,526 jobs
- Bank Muscat brings interactive fun and valuable prizes to Active Oman Challenge 2
- Oil prices stabilise at more than one-week highs
- Meta opens Muse Glimmer weights; Zuckerberg says Muse Spark 1.2 release coming soon
In contrast, total issued currency declined by 10.1%, falling to RO 1.43 billion from RO 1.59 billion a year earlier. However, narrow money supply—which includes cash outside the banking system and demand deposits—jumped by 18.6%, reaching RO 7.09 billion, up from RO 5.98 billion in December 2023.
The Central Bank of Oman’s total foreign assets grew by 5%, reaching RO 7.07 billion, indicating a stronger reserve position. Additionally, the Omani riyal’s effective exchange rate index rose 4.1% to 119 points, reinforcing the currency’s relative strength.
