Actual Exchange Rate of Omani Rial Rise by 2.7%

OMR
OMR

Muscat: The actual exchange rate index of the Omani Rial stabilized at 116.8 points at the end of March 2024, constituting a rise by 2.7%, according to the statistics issued by the National Centre for Statistics and Information (NCSI).

Initial data issued by the NCSI showed that broad money supply (M2) by the end of March 2024 stood at RO 24,242.1 million, constituting an increase of 15.2% compared to the corresponding period in 2023.

Narrow money supply (M1), which consists of total cash outside the banking system in addition to current accounts and demand deposits in local currency, increased by 9.2% to RO 6,583.8 million, compared to RO 6,027.1 million at the end of March 2023.

Total foreign assets at the Central Bank of Oman (CBO) rose by 3.4% to RO 6,699.6 million by the end of March 2024, compared to the corresponding period in 2023, when it stood at RO 6,476.5 million.

Meanwhile, private sector deposits in commercial banks and Islamic windows at the end of March 2024 stood at RO 20,152.5 million, up by 13.7% compared to the corresponding period in 2023 (when it was worth RO 17,731.8 million).

Total loans and financing in commercial banks and Islamic windows grew by 2.9% by the end of March 2024 to RO 30,762.5 million, compared to RO 29,899.1 million.

The average interest rate on total loans increased 3.4% at the end of March 2024 by 5.563%.   – ONA

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