Credit to private sector up 8.8pc

MUSCAT: Review of the activities of conventional banks denotes an annual growth in total outstanding credit of 6.2 per cent as at the end of January 2017. Credit to the private sector increased by 8.8 per cent to reach RO 17.7 billion as at the end of January 2017. Conventional banks’ overall investments in securities stood at RO 2.9 billion as at the end of January. Investment in Government Development Bonds and Government Sukuk increased by 17.1 per cent over the year to RO 973 million at the end of January 2017. Banks also invested RO 423.5 million in Government Treasury Bills as at the end of January. Conventional banks’ investments in foreign securities stood at RO 847 million in January 2017.

Aggregate deposits held with conventional banks increased by 3.4 per cent to RO 18.4 billion in January 2017 from RO 17.8 billion a year ago. Government deposits with conventional banks went up by 5.8 per cent to RO 4.9 billion. However, deposits of public enterprises declined by 1.3 per cent to RO 0.9 billion during the same period. Private sector deposits, which accounted for 66.8 per cent of total deposits with conventional banks, increased by 2.9 per cent to RO 12.3 billion in January 2017 from RO 11.9 billion a year ago. — ONA