• Oman

    • Broad money supply in Oman grows 2.8% to RO 21.4 billion

    By on August 19, 2023
    OMR
    OMR

    Muscat: The money supply in its broad sense grew by 2.8 percent year-on-year, to reach OMR 21.4 billion by the end of June 2023, while cash in its narrow sense decreased by 4.8 percent.

    The rise in cash in a broad sense was attributed to the increase in quasi-money by 5.9 percent, which consists of the sum of savings deposits, term deposits in Rial Omani and certificates of deposit issued by banks, in addition to margin accounts and all deposits in foreign currency with the banking sector.

    Cash with the public increased during the same period by 2.5 percent, while demand deposits decreased by 6.9 percent. With regard to the interest rate structure of conventional commercial banks, the weighted average interest rate on deposits in Omani Rial increased from 1.870 percent in June 2022 to 2.313 percent in June 2023, while the weighted average interest rate on loans in Omani Rial decreased from 5.502 percent to 5.434 percent. during the same period.

    As for the average interest rates in the inter-bank lending market for one night, it recorded an increase of 5,350 percent in June 2023, compared to 1,450 percent in June of 2022. This came as a result of the increase in the weighted average interest rate on repurchases to 5.750 percent compared to 1.875 percent during the same period last year, in line with the policies of the US Federal Reserve.

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