Broad money supply in Oman grows 1.8 percent to OMR 21.1bn

By News Desk on July 1, 2023

omr

Muscat: The broad money supply in Oman grew by 1.8 percent on an annual basis, to reach OMR 21.1 billion at the end of April 2023.

The monthly statistical bulletin issues by the Central Bank of Oman (CBO) indicated that the increase in broad money was attributed to the increase in quasi-cash by 2.8 percent, which consists of the sum of savings deposits and time deposits in Omani Riyals plus certificates of deposit issued by banks, in addition to security margin accounts and all foreign currency deposits with the banking sector.

During the same period, cash on hand decreased by 5.3 percent, while demand deposits increased by 0.4 percent.

With regard to the interest rate structure of conventional commercial banks, the weighted average interest rate on deposits in Omani rials increased from 1.891 percent in April 2022 to 2.192 percent in April 2023, and the weighted average interest rate on loans in Omani rials decreased from 5.366 percent to 5.469 percent during the same period.

The average interest rates in the interbank lending market for one night recorded an increase of 5.147 percent in April 2023, compared to 0.630 percent in April of 2022.

This came as a result of the increase in the weighted average interest rate on repurchase operations to reach 5,500 percent, compared to 0.5 percent during the same period last year, in line with the policies of the US Federal Reserve.

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