Broad money supply in Oman increases by OMR3 billion

Muscat: Broad money supply (M2) in the Sultanate of Oman increased by 13.9% to reach RO 24,692.5 million by the end of September 2024, according to the statistics issued by the National Centre for Statistics and Information (NCSI).

Narrow money supply (M1) by the end of September 2024 stood at RO 6,708.7 million, comprising an increase of 18.2% compared to the corresponding period in 2023.

The total foreign assets at the Central Bank of Oman (CBO) increased by 20.7% to RO 7,488 million by the end of September 2024, compared to the corresponding period in 2023, when it stood at RO 6,203.1 million.

Meanwhile, private sector deposits in commercial banks and Islamic windows at the end of September 2024 stood at RO 20,725.4 million, going up by 12.7% compared to the corresponding period in 2023 when the figure stood at RO 18,387.2 million.

Total loans and financing in commercial banks and Islamic windows rose by 5% by the end of September 2024 to RO 31,965.7 million, compared to RO 30,435.7 million during the corresponding period in 2023.

The average interest rate on total loans increased by 2.8% at the end of September 2024 to reach 5.604, while the effective exchange rate index of the Omani Rial decreased by 2.7% to 114.2.