Omani rial exchange rate index rises 3.8 per cent

MUSCAT: The effective exchange rate index of Omani rial rose by 3.8 per cent to 104.6 points as of the end of February 2019 compared to 100.8 points in the same period of 2018, indicating the currency’s enhanced purchasing power.
The Sultanate registered a 1.1 per cent rise in narrow money supply (M1) to reach RO 5 billion by the end of February 2019.
Broad Money Supply (M2) also rose 2.6 per cent to reach RO 16.7 billion during the period as against RO 16.3 billion in the previous year, according to the data released by the National Centre for Statistics and Information (NCSI).
Total foreign assets of the Central Bank of Oman (CBO) fell by 9 per cent, reaching RO 6.48 billion compared to the same period of 2018, when it stood at RO 7.13 billion.
Private sector deposits in commercial banks and Islamic windows showed a rise of 1.2 per cent as of the end of February 2019, reaching RO 14.3 billion against RO 14.1 billion in 2018.
Total loans and financing in commercial banks rose by 6.2 per cent to RO 25.2 billion by the end of February 2019 against RO 23.8 billion in 2018.
The average interest rate on total credit touched 5.3 per cent at the end of two-month period of 2019, recording a rise of 3.9 per cent in 2019 compared to 5.1 per cent during the same period in 2018.
The total currency issued till the end of February 2019 stood at RO 1.59 billion against RO 1.61 billion issued in 2018, marking a decline of 1.2 per cent, according to NCSI data. — ONA