Credit granted by Oman’s banking sector rises 5.3%
Published: 01:09 PM,Sep 30,2023 | EDITED : 05:09 PM,Sep 30,2023
MUSCAT: An analysis of traditional commercial banking activities during the period (July 2022-July 2023) indicates continued credit growth in the Sultanate of Oman, where the total credit balance granted by banks registered an increase of 5.3 per cent, while for credit granted to the private sector it increased by 5.2 per cent, reaching RO 20.2 billion by end of July 2023.
The report by the Central Bank of Oman indicated that the total investments of traditional commercial banks in securities saw a decline of 4.6 per cent, reaching about RO 4.4 billion by end of July 2023.
Investment in government development bonds fell by 10.4 per cent, compared with the same period last year to RO 1.9 billion.
Investments in foreign securities, saw an 89.5 per cent increase, reaching RO 1.2 billion, by end of July 2023.
On the other side of the budget — liabilities — the total deposits of traditional commercial banks recorded a rise of 3.4 per cent to RO 22.2 billion by end of July 2023.
Of the total deposits, the Government's deposits with commercial banks increased by 7 per cent, reaching about RO 5.3 billion, while the deposits of public sector institutions decreased by 9.7 per cent to about RO 1.6 billion during the same period.
Private sector deposits rose by 4.2 percent to RO 14.9 billion in July 2023, accounting for 67 per cent of traditional commercial banks' total deposits. — ONA
The report by the Central Bank of Oman indicated that the total investments of traditional commercial banks in securities saw a decline of 4.6 per cent, reaching about RO 4.4 billion by end of July 2023.
Investment in government development bonds fell by 10.4 per cent, compared with the same period last year to RO 1.9 billion.
Investments in foreign securities, saw an 89.5 per cent increase, reaching RO 1.2 billion, by end of July 2023.
On the other side of the budget — liabilities — the total deposits of traditional commercial banks recorded a rise of 3.4 per cent to RO 22.2 billion by end of July 2023.
Of the total deposits, the Government's deposits with commercial banks increased by 7 per cent, reaching about RO 5.3 billion, while the deposits of public sector institutions decreased by 9.7 per cent to about RO 1.6 billion during the same period.
Private sector deposits rose by 4.2 percent to RO 14.9 billion in July 2023, accounting for 67 per cent of traditional commercial banks' total deposits. — ONA