Bank credit of conventional banks in Oman increases by 2.2%

Muscat: The combined balance sheet of conventional banks denotes an annual growth of 2.2 per cent in total outstanding credit as on end-April 2020. Conventional banks’ credit to the private sector increased by 1.1 per cent to OMR19.1 billion.
Conventional banks’ overall investments in securities amounted to OMR3.4 billion. Investment in government development bonds increased by 17.2 per cent over the year to OMR1.7 billion.
Banks also invested OMR102.3 million in government treasury bills, while their investments in foreign securities stood at OMR978.6 million at the end of April 2020.
Aggregate deposits held with conventional banks increased to OMR20.4 billion in April 2020, registering a growth of 2.9 per cent over the level a year ago.
Government deposits with conventional banks decreased by 15.3 per cent to OMR4.8 billion, while deposits of public enterprises increased by 19.1 per cent to OMR1.3 billion.
Private sector deposits, which accounted for 66.5 per cent of total deposits with conventional banks, increased by 9.6 per cent to OMR13.9 billion.