MUSCAT: Oman’s total local liquidity surged by RO 2.5 billion by the end of November 2024, marking an 11% year-on-year increase to reach RO 24.827 billion, according to preliminary data from the National Centre for Statistics and Information (NCSI).
Despite this growth, the total issued currency declined by 5.2%, standing at RO 1.505 billion compared to RO 1.588 billion in November 2023. Meanwhile, the narrow money supply (M1)—which includes cash outside banks along with current accounts and demand deposits in local currency—saw a robust rise of 22.1%, reaching RO 7.046 billion from RO 5.769 billion in the previous year.
The Central Bank of Oman’s (CBO) total foreign assets also experienced an 8.1% increase, reaching RO 7.041 billion, up from RO 6.516 billion a year earlier. Private sector deposits in commercial banks and Islamic windows rose by 9.2% to RO 20.639 billion, compared to RO 18.904 billion in November 2023.
Total loans and financing extended by commercial banks and Islamic windows grew by 4.2%, reaching RO 32.165 billion, up from RO 30.878 billion in the prior year. The average interest rate on loans also climbed by 3.3%, standing at 5.667%.
Meanwhile, the effective exchange rate index of the Omani rial dropped by 1.3% to 114.2 points, compared to 115.7 points in November 2023, reflecting fluctuations in currency valuation. — ONA
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