Omani banks achieve 6.4 per cent credit growth

Muscat: Total loans and advances of Omani banks grew by 6.4 per cent to OMR23.55 billion in 2017, from OMR22.13 billion in the previous year.
The average interest rates on the loans grew by 4.4 -5 per cent at the end of 207 compared to 4.8 per cent during the same period in 2016, according to the latest monthly report released by the National Centre for Statistics and Information.
The statistics pointed out that as of the end of December 2017, the domestic liquidity increased by 4.2 per cent to OMR16.07 billion compared to OMR15.42 billion at the end of December 2016.
The private sector deposits at the commercial banks and Islamic windows as of the end of December 2017 stood at OMR13.94 billion; a growth of 5.2 per cent compared to OMR13.25 billion at the end of December 2016.
The total foreign assets at the Central Bank of Oman declined by 20.6 per cent to OMR6,186.3 million compared to OMR7,791.0 million at the end of December 2016.
The money in circulation declined by 0.6 per cent to OMR1,637.5 million at the end of December 2017 compared to OMR1,647.1 million at the end of December 2016.
The narrow money supply – which includes money outside the banking system, the current accounts, demand deposits in local currency – edged down by 0.8 per cent to OMR4,940.6 million at the end of December 2017 compared to OMR4,978.7 million at the end of December 2016.
The actual exchange rate for the Omani rial declined by 6.6 per cent to 100.2 points at the end of December 2017 compared to 107.3 points at the end of December 2016.