Credit granted by banks in Oman rises to OMR24.28bn

Muscat: The total credit granted by commercial banks in the Sultanate of Oman during the first quarter of 2023 increased by 5.5 percent to OMR24.28 billion compared to OMR23.10 billion in the same period of 2022.
The quarterly statistical bulletin issued by the Research and Statistics Department of the Central Bank of Oman (CBO) indicated that the personal loans sector received OMR46.9 billion.

The services sector received OMR2.65 billion or 8.5 percent of the credit granted, followed by the construction sector at OMR1.88 billion or 7.8 percent, and the industry sector at OMR1.88 billion or 7.7 percent of the total bank credit.
The CBO bulletin further indicated that the electricity, transportation and water sector received OMR669.9 billion, or 6.9 percent of the volume of credit granted to commercial banks during the first three months of 2023. The transportation and transportation sector received OMR497.2 billion, or 6.2 percent of the total volume of credit.

The financial institution sector received OMR341.1 billion, or 5.5 percent, and the mining sector (mines and quarries) received OMR182.1 billion, or 4.9 percent, followed by the wholesale and retail trade sector (retail) and received OMR129.2 billion, or 4.6 percent.

The quarterly bulletin of the Central Bank of Oman indicated that the volume of bank credit granted to the import sector during the first quarter of 2023 amounted to OMR932.8 million, or 3.8 percent, followed by the government sector, which amounted to OMR710.7 million, or 2.9 percent of the total bank credit.

During the first quarter of 2023, the agricultural sector and related activities received OMR54.3 million, or 0.2 percent, and the export sector received OMR36.1 million, or 0.1 percent of the volume of bank credit to commercial banks.
The bulletin indicated that the volume of bank credit to commercial banks in the Sultanate for other economic activities amounted during the first quarter of 2023 to about OMR655.4 million, or 2.7 percent, while the volume of bank credit to non-residents amounted to OMR197.8 million, or 0.8 percent of the total volume of bank credit.