Deposits with commercial banks in Oman reach OMR24.4bn

Muscat: The total deposits with commercial banks in Oman recorded an increase of 10.2 percent to reach OMR24.4 billion by the end of March 2024.

Among the total deposits, government deposits with commercial banks recorded an increase of 2.8 percent to reach OMR5.2 billion, deposits of public sector institutions increased by 38.1 percent to reach OMR2.5 billion during the same period.

Private sector deposits recorded an increase of 9.7 percent to reach OMR16 billion in March 2024, constituting 65.7 percent of total deposits with traditional commercial banks.

Further analysis of the activities of traditional commercial banks during March 2023 to March 2024 shows that the total credit granted by banks recorded an increase of 0.8 percent in the Sultanate of Oman.

The report issued by the Central Bank of Oman (CBO) stated that with regard to credit granted to the private sector, it increased by 1.6 percent to reach OMR20.3 billion by the end of March 2024.

Regarding the investment item, the total investments of traditional commercial banks in securities witnessed an increase of 28.0 percent to reach about OMR5.7 billion by the end of March 2024.

Investment in government development bonds (GDBs) recorded a decrease of 17.1 percent compared to the same period last year, reaching OMR1.8 billion.

Investments in foreign securities witnessed an increase of 139.0 percent to reach OMR2.3 billion by the end of March 2024.