Thursday, March 28, 2024 | Ramadan 17, 1445 H
broken clouds
weather
OMAN
23°C / 23°C
EDITOR IN CHIEF- ABDULLAH BIN SALIM AL SHUEILI

Oman bank deposits up in 2016 to RO 18.3 billion

891662
891662
minus
plus

MUSCAT: Total deposits with commercial banks in Sultanate slightly increased by 0.9 per cent to RO 18.3 billion as at the end of October 2016 compared to RO 18.2 billion during the same period in 2015. Government deposits with conventional banks marginally declined by 1.7 per cent to RO 5 billion. Deposits of public enterprises increased by 5.1 per cent to RO 1.1 billion during the same period, according to the bulletin issued by the Central Bank of Oman (CBO).


Private sector deposits, which accounted for 65.3 per cent of total deposits with conventional banks, increased 1.7 per cent to RO 12 billion in October 2016 from RO 11.8 billion a year ago.


The core capital and reserves of conventional banks stood at RO 3.7 billion as at the end of October 2016 a rise of 13.1 per cent over the previous year.


Islamic banking entities provided financing to the extent of RO 2.3 billion as at the end of October 2016 when compared to RO 1.6 billion a year ago.


Total deposits held with Islamic banks and windows also registered a significant increase to RO 2.2 billion in October 2016 from RO 1.4 billion outstanding as at the end of October 2015.


The total assets of Islamic banks and windows combined, amounted to RO 3 billion as at the end of October 2016 which constituted about 9.9 per cent of the banking system assets.


With regard to monetary aggregates as at the end of October 2016, narrow money stock (M1) wen measured on year-on-year basis, registered a drop of 3.1 per cent to RO 5.1 billion.


However, quasi-money (Riyal Omani saving and time deposits, certificates


of deposits issued by banks, margin deposits and foreign currency denominated deposits) witnessed an appreciable growth of 7.6 per cent during the period.


Broad money supply M2 (M1 plus quasi-money) stood at RO 15.5 billion as at the end of October 2016 giving a rise of 3.8 per cent during the period.


In respect of domestic interest rate structure of conventional banks, the weighted average interest rate on RO deposits increased from 0.989 per cent in October 2015 to 1.384 per cent in October 2016 while the weighted average RO lending rate increased from 4.749 per cent to 5.040 per cent during the same period.


The overnight Riyal Omani domestic inter-bank lending rate increased to 0.463 per cent in October 2016 from 0.155 per cent a year ago. The average Repos rate for liquidity injection by the CBO stood at 1.029 per cent per annum during October 2016. — ONA


SHARE ARTICLE
arrow up
home icon