Oman’s total domestic liquidity up OMR2.1bn to OMR 22.37bn

Muscat: Data released by the National Centre for Statistics and Information (NCSI) showed that domestic liquidity in the Sultanate of Oman grew by OMR2.1 billion to OMR22.37 billion at the end of November 2023, posting an increase of 10.3 percent, compared to the corresponding period in 2022.

NCSI data also indicated that total currency issued declined by 3.6 percent to OMR1.58 billion at the end of November 2023, compared to OMR1.64 billion during the corresponding period in 2022.

Meanwhile, narrow money supply (M1) grew by 2.5 percent to OMR5.76 billion at the end of November 2023 compared to OMR5.62 billion during the corresponding period in 2022.

The total foreign assets at the Central Bank of Oman (CBO) also went up by 3.7 percent to OMR6.51 billion at the end of November 2023, compared to OMR6.28 billion during the corresponding period in 2022.

Private sector deposits at commercial banks and Islamic banking windows stood at OMR18.90 billion at the end of November 2023 posting an increase of 9.2 percent over the figure of the corresponding period in 2022 of OMR17.1 billion.

In addition, total loans and funding in commercial banks and Islamic banking windows grew by 5.8 percent by the end of November 2023 to OMR30.87 billion compared to OMR29.18 billion in 2022.

The average interest rate on total loans increased by 2.1 percent to record 5.485 percent by the end of November 2023.

Likewise, the actual exchange rate index for the Omani riyal rose by 1.4 percent by the end of November 2023 to 115.7 points.