Broad money supply grows 2.4%

Muscat: The narrow money stock (M1) registered a year-on-year (YoY) marginal increase of 0.3 per cent to RO 5.1 billion. However, quasi-money witnessed a growth of 3.4 per cent during this period, according to the Central Bank of Oman. Broad money supply M2 (M1 plus quasi-money) stood at RO16.5 billion as at the end of August 2018 and grew by 2.4 per cent during the same period. The domestic interest rate continued to rise in line with developments in US policy rates. The weighted average interest rate on RO deposits increased to 1.76 per cent in August 2018 from 1.67 per cent a year ago.