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EDITOR IN CHIEF- ABDULLAH BIN SALIM AL SHUEILI

Oman banks' total credit balance and investments increase

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MUSCAT: An analysis of the activities of traditional commercial banks during the period from January 2023 to January 2024 indicated continued credit growth in the Sultanate of Oman, as the total credit balance granted by banks recorded an increase of 1.8 per cent.


As for credit granted to the private sector, it increased by 2.6 per cent to reach RO 20.1 billion by the end of January 2024.


With regard to the investment item, the total investments of traditional commercial banks in securities witnessed an increase of 28.1 per cent to reach about RO 5.7 billion by the end of January 2024.


Within this item, investment in government development bonds recorded a 15 per cent decrease compared to the same period last year, reaching RO 1.8 billion.


As for their investments in foreign securities, it witnessed an increase of 156.3 per cent to reach RO 2.4 billion by the end of January 2024.


On the other side of the budget — liabilities — total deposits with traditional commercial banks recorded an increase of 12.3 per cent to reach RO 24.1 billion by the end of January 2024.


Among the total deposits, government deposits with commercial banks recorded an increase of 0.3 per cent to reach about RO 5.2 billion, as well as for deposits of public sector institutions, which increased by 60 per cent to reach about RO 2.3 billion during the same period.


Private sector deposits recorded an increase of 10.5 per cent to reach RO 15.9 billion in January 2024, constituting 66 per cent of the total deposits with traditional commercial banks. — ONA


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