Omani rial exchange rate index rises 3.8%

Business Monday 22/April/2019 17:58 PM
By: Times News Service
Omani rial exchange rate index rises 3.8%

Muscat: The effective exchange rate index of Omani rial rose by 3.8 per cent to 104.6 points as of the end of February 2019 compared to 100.8 points in the same period of 2018, indicating the currency’s enhanced purchasing power.
The Sultanate registered a 1.1 per cent rise in narrow money supply (M1) to reach OMR5 billion at the end of February 2019. Broad Money Supply (M2) also rose 2.6 per cent to reach OMR16.7 billion during the period as against OMR16.3 billion in the previous year, according to the data released by the National Centre for Statistics and Information (NCSI).
Total foreign assets of the Central Bank of Oman (CBO) fell by 9 per cent, reaching OMR6.48 billion compared to the same period of 2018, when it stood at OMR7.13 billion.
Private sector deposits in commercial banks and Islamic windows showed a rise of 1.2 per cent at the end of February 2019, reaching OMR14.3 billion against OMR14.1 billion in 2018.
Total loans and financing in commercial banks rose by 6.2 per cent to OMR25.2 billion at the end of February 2019 against OMR23.8 billion in 2018.
The average interest rate on total credit touched 5.3 per cent at the end of two-month period of 2019, recording a rise of 3.9 per cent in 2019 compared to 5.1 per cent during the same period in 2018.
The total currency issued till the end of February 2019 stood at OMR1.59 billion against OMR1.61 billion issued in 2018, marking a decline of 1.2 per cent, according to NCSI data. — ONA