Narrow Money Stock Decreases 3.3 Percent in March 2019

Muscat, With regard to monetary aggregates as at the end of March 2019, the narrow money stock (M1) decreased year-on-year (YoY) by 3.3 percent to RO5 billion, while quasi- money (Rial Omani saving and time deposits, certificates of deposit issued by banks, margin deposits and foreign currency denominated deposits) witnessed a growth of 7.5 percent during this period.

Broad money supply M2 (M1 plus quasi- money) stood at RO17.1 billion as at the end of March 2019 and witnessed a growth of 4 percent over that in the corresponding period of last year.

The domestic interest rates of conventional banks increased mainly following the trends in USA due to the currency peg arrangement. The weighted average interest rate on

RO deposits increased to 1.890 percent in March 2019 from 1.644 percent a year ago, while the weighted average RO lending rate increased to 5.348 percent from 5.161 percent during the same period.

The overnight Rail Omani domestic inter-bank lending rate stood at 2.581 percent in March 2019, much higher as compared to 1.330 percent a year ago.

The average Repo rate for liquidity injection by the CBO stood at 2.989 percent per annum during the month of March 2019.

Source: Oman News Agency

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