This Week’s Economic Bulletin

Omani Rial Exchange Rate Index Falls 2.2pc

Muscat, The effective exchange rate index of Omani Rial fell by 2.2% to 103.5 points as of the end of August 2020 compared to 105.6 points in the same period of 2019.

The Sultanate registered an increase in narrow money supply (M1) by 11.8% to reach RO 5.72 billion at the end of August 2020. Meanwhile, Broad Money Supply (M2) rose 11% to reach RO 19.15 billion during the period as against RO 17.25 billion in 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 3%, reaching RO 6.66 billion compared to the same period of 2019, when it stood at 6.86 billion Rials.

Private sector deposits in commercial banks and Islamic windows showed a rise of 10.8% as of the end of August 2020, reaching RO 16.52 billion against RO 14.92 billion in 2019.

Total loans and financing in commercial banks rose by 2% to RO 26.28 billion at the end of August 2020 against RO 25.76 billion Rials in 2019.

The average interest rate on total credit rose 2.6% at the end of 8-month period of 2020, recording a rise of 5.5% in 2020 compared to the same rate during the comparable period of 2019.

The total currency issued at the end of August 2020 stood at RO 1.81 billion against RO 1.62 billion issued in 2019, marking a rise of 11.8%, according to NCSI data.

Source: Oman News Agency