Total loans and financing in commercial banks in the Sultanate of Oman increased by 6.8% to reach RO 29,812.2 million by the end of February 2023 compared to RO 27,902.8 million during the corresponding period in 2022, according to the data issued by the National Centre for Statistics and Information (NCSI).

The average interest rate on total credit declined by 1.7% at the end of February 2023.

The private sector’s deposits in commercial banks and Islamic windows in the Sultanate of Oman rose by 0.5% to reach RO 17,512.2 million at the end of February 2022 compared to RO 17,419.5 million during the same period in 2022.

The effective exchange rate index of the Omani Rial rose by 7.1% to 114.5 points compared to 106.9 points at the end of the same period in 2022. The total currency issued by the end of February 2022 declined by 5% to reach RO 1,602 million compared to RO 1,687 million by the end of the corresponding period in 2022.

Meanwhile, the total foreign assets at the Central Bank of Oman (CBO) decreased by 13.2% by the end of February 2023 reaching RO 6,581.7 million compared to RO 7,582.0 million during the same period in 2022.

As far as Broad Money Supply (M2) is concerned, it recorded a rise by 1.8% to reach RO 20,665.6 million compared to the same period in 2022 when the reported M2 stood at RO 20,305.3 million.

On the other hand, Narrow Money Supply (M1) dropped by 0.9% to reach RO 5,721.6 million compared to RO 5,774.6 million during the same period in 2022.

Source: Oman News Agency