Rial exchange rate rises 2pc

MUSCAT: The total currency issued last year in the Sultanate as of December stood at RO 1.647 billion as against RO 1.788 billion issued in 2015, marking a decline of 7.9 per cent during the period, according to a recent bulletin issued by the National Centre for Statistics & Information (NCSI).
Narrow Money Supply (M1) decreased 7.3 per cent to RO 4.978 billion as against RO 5.369 billion in the prior year, while Broad Money Supply (M2) rose 1.8 per cent to RO 15.423 billion last year as against RO 15.146 billion in 2015.
Foreign assets in the CBO increased 15.5 per cent to touch RO 7.79 billion, while private sector deposits at commercial banks and Islamic windows logged an annual growth of 4.8 per cent to reach RO 13.25 billion. Total credit and financing too improved by 10.1 per cent to RO 22.13 billion by the end of last year. Average interest rate on total credit went up by a significant 8 per cent to 4.8 per cent, while Omani Rial’s effective exchange rate index went up by 2 per cent to 107.3 by the end of 2016, indicating the currency’s enhanced purchasing power. The index stood at 105.2 as of December, 2015. — ONA