Narrow money supply in Oman rises to OMR5.1 billion

Business Saturday 20/October/2018 14:55 PM
By: Times News Service
Narrow money supply in Oman rises to OMR5.1 billion

Muscat: With regard to monetary aggregates, the narrow money stock (M1) recorded a marginal year-on-year (YoY) growth of 0.1 per cent to OMR5.1 billion, while quasi-money (Riyal Omani saving and time deposits, certificates of deposit issued by banks, margin deposits and foreign currency denominated deposits) witnessed an increase of 4.5 per cent during the same period. The broad money supply (M2) (M1 plus quasi-money) stood at OMR16.5 billion at the end of July 2018 and grew by 3.1 per cent during the same period.
With respect to domestic interest rate structure of conventional banks, the weighted average interest rate on riyal Omani (RO) deposits increased to 1.731 per cent in July 2018 from 1.675 per cent a year ago, while the weighted average RO landing rate increased to 5.250 per cent from 5.157 per cent during the same period. The overnight Riyal Omani domestic inter-bank lending rate increased further to 2.147 per cent in July 2018 from 1.896 per cent in the previous month. The average Repo rate for liquidity injection by the CBO stood at 2.582 per cent per annum during the month of July 2018.