MUSCAT: An analysis of the activities of traditional commercial banks indicated the continued growth of credit in the Sultanate of Oman. The total balance of credit granted by commercial banks increased by 5.6 per cent, while credit extended to the private sector increased by 4.8 per cent to reach RO 19.9 billion by the end of March 2023.
The report issued by the Central Bank of Oman indicated that the total investment of traditional commercial banks in securities decreased by 14.6 per cent to reach about RO 4.5 billion by the end of March 2023, while investment in government development bonds increased by 2.7 per cent to reach RO 2.2 billion.
As for the investments of conventional banks in foreign securities, it increased by 23.7 per cent to reach RO 900 million by the end of March.
On the other side of the budget (liabilities), total deposits with conventional commercial banks increased by 3.4 per cent to reach RO 22.2 billion, while government deposits with commercial banks increased by 9.4 per cent to about RO 5.3 billion, and deposits of public sector institutions increased by 24.8 per cent, to record about RO 1.8 billion at the end of March.
Meanwhile, private sector deposits decreased by 0.2 per cent to reach RO 14.6 billion by the end of March 2023, constituting 65.9 per cent of total deposits with conventional commercial banks. — ONA