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Narrow money supply increases in Oman
January 12, 2019 | 3:23 PM
by ONA
Central Bank of Oman. - ONA
 
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Muscat: With regard to monetary aggregates as of the end of October 2018, narrow money stock (M1), when measured on a year-on-year basis, registered an increase of 0.4 per cent to OMR5 billion, according to the bulletin published by the Central Bank of Oman (CBO).



Quasi-money (rial Omani saving and time deposits, certificates of deposit issued by banks, margin deposits and foreign currency denominated deposits) witnessed a year-on-year growth of 5.3 per cent during the period.

Broad money supply M2 (M1 plus quasi-money) stood at OMR16.7 billion at the end of October 2018 and witnessed a rise of 3.8 per cent during the period.

The domestic interest rate generally exhibited an upward trend following that prevailing in the USA due to the currency peg arrangement. The weighted average interest rate on OMR deposits increased from 1.670 per cent in October 2017 to 1.810 per cent in October 2018, while the weighted average OMR lending rate increased from 5.190 per cent to 5.298 per cent during the same period.


The overnight OMR domestic inter-bank lending rate increased to 2.317 per cent in October 2018 from 1.146 per cent a year ago.

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