Omani rial exchange rate index rises 0.9%

Business Wednesday 29/July/2020 15:29 PM
By: Times News Service
Omani rial exchange rate index rises 0.9%

Muscat: The effective exchange rate index of Omani rial rose by 0.9 per cent to 106.5 points as of the end of May 2020 compared to 105.5 points in the same period of 2019.
The Sultanate registered an increase in narrow money supply (M1) by 10.6 per cent to reach OMR5.73 billion at the end of May 2020. Meanwhile, broad Money Supply (M2) rose 10.4 per cent to reach OMR19.03 billion during the period as against OMR17.25 billion in the previous year, according to data released by the National Centre for Statistics and Information (NCSI).
Total foreign assets of the Central Bank of Oman (CBO) rose 1.5 per cent, reaching OMR6.29 billion compared to the same period of 2019 when it stood at OMR6.20 billion.
Private sector deposits in commercial banks and Islamic windows showed a rise of 9.3 per cent as of the end of May 2020, reaching OMR16.14 billion against OMR14.77 billion in 2019.
Total loans and financing in commercial banks rose by 3.3 per cent to OMR26.53 billion at the end of May 2020 against OMR25.69 billion in 2019.
The average interest rate on total credit fell 0.2 per cent at the end of the five months of 2020, recording a rise of 5.4 per cent in 2020 compared to the same rate during the comparable period of 2019.
The total currency issued at the end of May 2020 stood at OMR1.93 billion against OMR1.80 billion issued in 2019, marking a rise of 7.6 per cent, according to NCSI data.