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EDITOR IN CHIEF- ABDULLAH BIN SALIM AL SHUEILI

Broad money supply stands at RO 16.1 billion

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MUSCAT: With regard to monetary aggregates as at the end of October 2017, narrow money stock (M1) registered a year-on-year (YoY) decline of 1.9 per cent to RO 5 billion. However, quasi-money (Rial Omani saving and time deposits, certificates of deposit issued by banks, margin deposits and foreign currency denominated deposits) witnessed a growth of 6.4 per cent during the period. Broad money supply M2 (M1 plus quasi-money) stood at RO 16.1 billion as at the end of October 2017 and grew by 3.7 per cent during the same period.


In respect of the domestic interest rate structure of conventional banks, the weighted average interest rate on RO deposits increased to 1.670 per cent in October 2017 from 1.384 per cent a year ago, while the weighted average RO lending rate increased to 5.190 per cent from 5.040 per cent during the same period. The overnight Rial Omani domestic inter-bank lending rate stood at 1.146 per cent in October 2017, much higher as compared to 0.463 per cent a year ago. The average Repo rate for liquidity injection by the CHO stood at 1.736 per cent per annum during the month of October 2017. The overall hardening of interest rates reflects some tightening of liquidity in the banking system. — ONA


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