Total loans granted by banks in Oman up 2.7%

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Muscat: The total loans and financing provided by commercial banks and Islamic windows in Oman increased by 2.7 percent to OMR30.61 billion by the end of February 2024 compared to OMR29.81 billion in the corresponding period of 2023.

The average interest rate on total loans also increased by 3.4 percent, reaching 5.542 percent at the end of February 2024, according to preliminary statistics issued by the National Centre for Statistics and Information (NCSI).

The Centre’s data indicated that local liquidity in the Sultanate of Oman increased by about OMR3.3 billion to reach OMR23.93 billion, an increase of 15.8 percent, by the end of February 2024 compared to the same period in 2023.
The total cash issued decreased by 1.9 percent, reaching OMR1.57 billion at the end of February 2024 compared to OMR1.60 billion registered at the end of February 2023.

On the other hand, the narrow money supply, which includes the total cash outside the banking system in addition to current accounts and demand deposits in the local currency, increased by 6.9 percent, reaching OMR6.11 billion at the end of February 2024 compared to OMR5.72 billion at the end of February 2023.

The total foreign assets of the Central Bank of Oman (CBO) also increased by 4.3 percent, reaching OMR6.86 billion at the end of February 2024 compared to OMR6.58 billion at the end of February 2023.

Private sector deposits in commercial banks and Islamic windows 2024 increased by 14.8 percent to OMR20.11 billion by the end of February compared to OMR17.51 billion over the same period in 2023.

The effective exchange rate index for the Omani riyal rose by 0.1 percent at the end of February 2024 to reach 114.6 points.