Gross Loans and Finance by Commercial Banks Rise 6.4 Percent in 2017

As per the statistics of the National Center for Statistics and Information, the gross loans and finance provided by the commercial banks in the Sultanate grew by 6.4% as of the end of 2017 to hit RO 23,550.4 million compared to RO 22,130.5 million as of the end of 2016. The average interest rates on the loans grew by 4.4% to about 5% at the end of 207 compared to 4.8% during the same period in 2016.

The statistics pointed out that as of the end of December 2017, the domestic liquidity increased by 4.2% to RO 16,068.8 million compared to RO 15,423.8 million at the end of December 2016.

The private sector deposits at the commercial banks and Islamic windows as of the end of December 2017 stood at RO 13,943.7 million; a growth by 5.2% compared to RO 13,250.6 million at the end of December 2016.

The total foreign assets at the Central Bank of Oman declined by 20.6% to RO 6,186.3 million compared to RO 7,791.0 million at the end of December 2016.

The circulated money declined by 0.6% to stand at RO 1,637.5 million at the end of December 2017 compared to RO 1,647.1 million at the end of December 2016.

The narrow money supply � which includes money outside the banking system, the current accounts, the on-demand deposits in local currency, decreased by 0.8% to RO 4,940.6 million at the end of December 2017 compared to RO 4,978.7 million at the end of December 2016.

The actual exchange rate for the Omani Riyal declined by 6.6% to 100.2 points at the end of December 2017 compared to 107.3 points at the end of December 2016.

Source: Oman News Agency