Exchange rate index of Omani Rial rises by 5%

Muscat: The effective exchange rate index of the Omani Rial rose by 5 per cent to 113.7 points by the end of March, compared to 108.3 points at the end of the same period in 2022, according to the data issued by the National Centre for Statistics and Information (NCSI).

The statistics showed that local liquidity grew by OMR503 million (2.4 per cent) to reach OMR21,052.6 million.
The total currency issued by the end of March 2023 declined by 5.2 per cent to reach OMR1,632.4 million compared to OMR1,722.1 million by the end of the corresponding period in 2022.

Narrow Money Supply (M1) went up by 0.3 per cent to reach OMR6,027.1 million compared to OMR6,007.2 million during the same period in 2022.

Meanwhile, the total foreign assets at the Central Bank of Oman (CBO) decreased by 10.7 per cent by the end of March 2023 to stand at OMR6,476.5 million compared to OMR7,251.7 million during the same period in 2022.

The private sector’s deposits in commercial banks and Islamic windows in the Sultanate of Oman rose by 1.4 per cent to reach OMR17,731.8 million at the end of March 2023 compared to OMR17,491.8 million during the same period in 2022.

The total loans and financing in commercial banks and Islamic windows in the Sultanate of Oman increased by 6.9 per cent to reach OMR29,899.1 million by the end of March 2023 compared to OMR27,956.5 million during the corresponding period in 2022. The average interest rate on total credit declined by 1.9 per cent at the end of March 2023.