Muscat: According to the latest statistics released by the Central Bank of Oman (CBO), the total credit extended by conventional commercial banks surged 8 percent year-on-year. Credit to the private sector grew by 4.6 percent, reaching RO 21.3 billion, underscoring the sector’s vital role in driving economic activity.

On the investment side, total holdings of securities fell 3.4 percent to about RO 5.8 billion. Within this category, government development bonds bucked the trend, rising 6.3 percent compared to the same period last year to touch RO 2 billion. However, banks’ exposure to foreign securities dropped sharply by 15.7 percent, settling at RO 2.1 billion.

Meanwhile, deposits at conventional commercial banks climbed 3.6 percent to RO 25.7 billion. Government deposits posted a notable 7.1 percent rise to RO 5.8 billion, while deposits from public sector institutions slipped 11 percent to RO 1.7 billion. Private sector deposits rose by 4.1 percent to RO 17 billion, making up nearly two-thirds (66.3 percent) of the total.