Credit Oman registers increase in credit ceiling

Muscat: Credit Oman's performance during the first half of 2020 reported a rise of 2.8 per cent in the value of approved credit ceiling for local and international sales to a total of OMR105,118,000, compared to the corresponding period in 2019 (OMR102,197,000).
Sheikh Khalil bin Ahmed Al-Harthy, CEO of Credit Oman, told Oman News Agency (ONA) that the total value of insured sales (local, international) during the first six months of 2020 stood at OMR41,770,000, an increase of 0.5 per cent over the figure of the corresponding period last year OMR40,854,000.
Al-Harthy pointed out that despite the circumstances brought about by COVID-19 pandemic, Credit Oman posted an upward performance outlook, compared to the past few years, thanks to concerted efforts undertaken vis-à-vis the departments concerned.
He explained that since the beginning of the 2020 year till today, the volume of compensations paid out by Credit Oman, in view of buyers’ failure to settle their outstanding dues, stood at OMR186,744 covering the segments of consumer commodity, petrochemicals and building materials.