• Oman

    • Broad money supply in Oman grows by 0.22% by end of October 2022

    By on December 31, 2022
    omr
    omr

    Muscat: The money supply in the broadest sense grew by 0.22 percent year on year, to reach more than 20 billion Omani riyals by the end of October 2022.

    The monthly statistical bulletin issued by the Central Bank of Oman indicated that despite the decline in narrow money by 1.02 percent, the rise in broad money was attributed to the increase in quasi-money by 0.7 percent, which consists of the sum of savings deposits and time deposits in Rial Omani plus Certificates of deposit issued by banks in addition to guarantee margin accounts and all foreign currency deposits with the banking sector.

    During the same period, cash on hand decreased by 6.9 percent while demand deposits increased by 0.8 percent.

    With regard to the interest rate structure of conventional commercial banks, the weighted average interest rate on deposits in Omani riyals decreased slightly from 2.001 percent in October 2021 to 1.907 percent in October 2022, and the weighted average interest rate on loans in Omani riyals decreased from 5.513 percent to 5.383 . percent over the same period.

    As for the average interest rates in the inter-bank lending market for one night, it recorded an increase of 3.299 percent in October 2022, compared to 0.447 percent in October of 2021.

    This came as a result of the increase in the weighted average interest rate on repurchase operations to reach 3.750 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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