MUSCAT: The broad money supply in the Sultanate of Oman recorded an annual growth of 12.6 per cent, reaching RO 24.8 billion by the end of October 2024.
This increase resulted from a 24.8 per cent rise in narrow money and an 8.4 per cent rise in quasi-money, which comprises savings and time deposits in Omani Rials, certificates of deposit issued by banks, margin accounts, and all foreign currency deposits within the banking sector.
As of the end of October, currency held by the public decreased by 5.9 percent, while demand deposits increased by 33.2 per cent.
Regarding the structure of interest rates at traditional commercial banks, the weighted average interest rate on Omani Rial deposits rose from 2.531 per cent in October 2023 to 2.709 per cent in October 2024. Similarly, the weighted average interest rate on loans in Omani Rials increased from 5.452 per cent to 5.628 per cent over the same period.
The overnight interbank lending rate saw a decline, averaging 4.681 per cent in October 2024, compared to 5.584 per cent in October 2023. This decrease was attributed to a drop in the weighted average repurchase agreement (repo) rate, which fell to 5.500 per cent compared to 6.000 per cent during the same period last year, aligning with the policies of the US Federal Reserve. — ONA
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