Oman’s bank credit rises 5.9% in August

Muscat - 

Total credit disbursement in Oman rose 5.9 per cent to RO23bn at the end of August 2017 compared to RO21.6bn a year ago, according to the latest statistics released by the Central Bank of Oman (CBO).

Domestic liquidity increased by RO126.5mn by the end of August compared to the same period of the previous year, the statistics showed. Broad money supply grew 0.8 per cent to RO16.13bn in August this year compared to RO16bn in August 2016.

Narrow money supply registered a decline of 1.3 per cent to RO5.12bn in August 2017 compared with RO5.19bn during the same period of 2016.

Private sector deposits grew 5.6 per cent to RO13.83bn from RO13.09bn a year ago. Government deposits with conventional banks rose to RO5bn in August 2017 on year-on-year basis, while deposits of public enterprises stood at RO1bn during the same period.

Foreign assets of financial institutions fell by 19.2 per cent to RO6.73bn as of August 31, 2017 from RO8.33bn in 2016.

Average interest rate in August rose by 5.5 per cent compared to the interest rate in the same period of last year.

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