Credit granted by Oman’s banking sector rises 5.4 pc in August 2023

Muscat: The total balance of credit granted by traditional commercial banks in the Sultanate of Oman by the end of August 2023 recorded an increase of 5.4 percent, while credit granted to the private sector increased by 5.5 percent to reach 20.3 billion Omani riyals.

The total investments of traditional commercial banks in securities witnessed a decline of 7.7 percent to reach about 4.2 billion Omani riyals by the end of August 2023, while investment in government development bonds decreased by 10.2 percent to reach 1.9 billion Omani riyals compared to the same period in 2022.

As for traditional commercial banks’ investments in foreign securities, they witnessed an increase of 58.9 percent to reach about one billion Omani riyals by the end of August 2023.

On the other side of the budget – liabilities – the total deposits with traditional commercial banks recorded an increase of 5.1 percent to reach 22.4 billion Omani riyals by the end of August 2023, while the government’s deposits with commercial banks increased by 5.5 percent to reach about 5.3 billion Omani riyals, while the deposits of sector institutions decreased.

The yearly growth of these banks increased by 12.3 percent to reach about 1.5 billion Omani riyals during the same period. Private sector deposits increased by 7.3 percent to reach 15.3 billion Omani riyals by the end of August 2023, constituting 68.1 percent of the total deposits with traditional commercial banks.

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