• Oman

    • Credit granted by Omani banks to private sector reach RO 20.5bln

    By on September 7, 2024
    muscat
    muscat

    Bank credit growth continues in the Sultanate of Oman

    Muscat: An analysis of the activities of traditional commercial banks during the period (June 2023 – June 2024) indicated continued growth in credit in the Sultanate of Oman, as the total credit balance granted by banks recorded an increase of 2.3 percent.

    The bulletin issued by the Central Bank of Oman indicated that credit granted to the private sector increased by 1.6 percent to reach 20.5 billion Omani riyals by the end of June 2024. Total investments of traditional commercial banks in securities witnessed a 22.4 percent increase to reach about OMR 5.6 billion by the end of last June.

    Within this item, investment in government development bonds decreased by 8.3 percent compared to the same period last year to reach OMR 1.9 billion, while their investments in foreign securities increased by 67.9 percent to reach OMR 2.2 billion by the end of last June.

    On the other side of the budget – liabilities – total deposits with conventional commercial banks recorded a 10.9 percent increase to reach OMR 24.7 billion by the end of June 2024.

    Within the total deposits, government deposits with commercial banks recorded a decrease of 0.9 percent to reach about OMR 5.3 billion, while deposits of public sector institutions increased by 12.1 percent to reach about OMR 1.8 billion during the same period.

    Private sector deposits increased by 11.5 percent to reach OMR 16.5 billion in June 2024, representing 66.8 percent of total deposits in conventional commercial banks.

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