Omani rial effective exchange rate index rises by 3.1%

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Muscat: The effective exchange rate index for the Omani rial at the end of January 2024 rose by 3.1 percent to reach 116 points.

Preliminary statistics issued by the National Centre for Statistics and Information (NCSI) showed that local liquidity (M2) in the Sultanate of Oman increased by 14 percent at the end of January 2024 to record OMR23.37 billion.

The Centre’s data further indicated a decrease in the total cash issued by 1.6 percent, reaching OMR1.57 billion at the end of January 2024 compared to OMR1.60 billion at the end of January 2023.

On the other hand, the narrow money supply (M1), which consists of the total cash outside the banking system, in addition to current accounts and demand deposits in the local currency, increased by 9.2 percent, reaching OMR6.90 billion at the end of January 2024, compared to OMR5.57 billion by the end of January 2023.

The total foreign assets of the Central Bank of Oman (CBO) increased by 7.8 percent, reaching OMR6.74 billion at the end of January 2024 compared to OMR6.25 billion at the end of January 2023.

Private sector deposits in commercial banks and Islamic windows increased by 11.6 percent to OMR19.55 billion at the end of January 2024 compared to OMR17.53 billion at the end of January 2023.

Total loans and financing in commercial banks and Islamic windows at the end of January 2024 increased by 3.8 percent to reach OMR30.48 billion, compared to OMR29.35 billion at the end of January 2023.

The average interest rate on total loans increased by 4.5 percent, reaching 5.546 percent at the end of January 2024.