Broad money supply in Oman grows by 12%

MUSCAT: The broad money supply in Oman grew by 12 per cent year-on-year, reaching about RO 23.600 billion by the end of April 2024. This growth resulted from a 7 per cent increase in cash and a 13.9 per cent rise in cash equivalents, which include savings deposits, time deposits in Omani rials, certificates of deposit, security margin accounts, and all foreign currency deposits with the banking sector.

Despite a 7 per cent decrease in public cash by the end of April, demand deposits increased by 11.2 per cent. The weighted average interest rates on Omani rial deposits at traditional commercial banks rose from 2.192 per cent in April 2023 to 2.580 per cent in April 2024, while the weighted average interest rates on Omani rial loans increased from 5.366 per cent to 5.604 per cent over the same period. Overnight interbank lending rates also rose to 5.212 per cent in April 2024, compared to 5.147 per cent in April 2023. — ONA