Oman’s money supply sees 15.2 percent growth

OMR
OMR

Muscat: The broad money supply witnessed a growth of 15.2 percent on an annual basis, reaching 24.2 billion Omani riyals by the end of March 2024.

This increase came as a result of an increase in cash in its strict sense by 9.2 percent and cash equivalents by 17.5 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 in the banking sector.

During the same period, cash on hand with the public decreased by 2.5 percent while demand deposits rose by 12.4 percent.

Regarding the interest rate structure of traditional commercial banks, the weighted average interest rates on deposits in Omani Riyals recorded an increase from 2.124 percent in March 2023 to 2.642 percent in March 2024. The weighted average interest rates on loans in Omani Riyals also increased from 5.381 percent to 5.563 percent during the same period. As for the average interest rates in the overnight interbank lending market, they recorded an increase of 5.086 percent in March 2024 compared to 5.073 percent in March 2023.

This came as a result of the weighted average interest rates on repurchase operations rising to 6 percent compared to 5.323 percent during the same period last year, in line with the policies of the US Federal Reserve.

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