Omani Rial Exchange Rate Index Rises 3.6 Percent

Muscat, The effective exchange rate index of the

Omani rial rose by 3.6% to 104.0 points as of the end of January 2019

compared to 100.4 points in the same period of 2018, indicating the

currency’s enhanced purchasing power.

The Sultanate registered a 3% fall in narrow money supply (M1)

to reach RO 4.8 billion by the end of January 2019. Broad Money

Supply (M2) on the other hand rose 2.4% to reach RO 16.67 billion

during the period as against RO 16.28 billion the previous year,

according to data released by the National Centre for Statistics and

Information (NCSI).

Total foreign assets of the Central Bank of Oman (CBO) fell by

12.5%, reaching RO 6.56 billion compared to the same period of 2018,

when it stood at RO 7.50 billion.

Private sector deposits in commercial banks and Islamic windows

showed a rise of 1.3% as of the end of January 2019, reaching RO

14.31 billion against RO 14.12 billion in 2018.

Total loans and financing in commercial banks rose by 6.1% to RO

25.11 billion by the end of January 2019 against RO 23.67 billion in

2018.

The average interest rate on total credit touched 6.6% at the end of

one-month period of 2019, recording a rise of 5.4% in 2019 compared

to 5% during the same period in 2018.

The total currency issued till the end of January 2019 stood at RO

1.57 billion against RO 1.62 billion issued in 2018, marking a decline of

2.9%, according to NCSI data.

Source: Oman News Agency