Narrow money in Oman grows by 3.3%

Muscat: Narrow money stock (M1) recorded a yearly growth of 3.3 per cent to OMR5.3 billion, while quasi-money (Omani rial saving and time deposits, certificates of deposit issued by banks, margin deposits and foreign currency denominated deposits) witnessed an increase of 6.1 per cent during the same period.
Broad money supply M2 (M1 plus quasi-money) at OMR16.6 billion at the end of June 2018 grew by 3 per cent during the same period.
The domestic interest rate structure of conventional banks witnessed a further increase in June 2018. The weighted average interest rate on Omani rial (OMR) deposits increased to 1.717 per cent in June 2018 from 1.621 per cent a year ago, while the weighted average OMR lending rate increased to 5.240 per cent from 5.123 per cent during the same period.
The overnight OMR domestic inter-bank lending rate increased further to 1.896 per cent in June 2018 from 0.978 per cent a year ago (1.831 per cent in May 2018).
The average Repo rate for liquidity injection by the CBO stood at 2.548 per cent per annum during the month of June 2018.