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EDITOR IN CHIEF- ABDULLAH BIN SALIM AL SHUEILI

Omani Rial exchange rate index rises 4.2pc in 2018

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Muscat: The Omani Rial's effective exchange rate index rose by 4.2pc to 105.6 points as of the end of October 2018 compared to 101.3 points in the same month in 2017, indicating the currency has enhanced purchasing power.


According to the preliminary data released by the National Center for Statistics and information (NCSI), broad money supply rose by 3.8pc as of the end of October 2018, registering RO 16.659 billion compared to the same period of 2017, when it was recorded at RO 16.055 billion.


The total currency issued by the end of October 2018 stood at RO 1.594 billion against RO 1.628 billion issued in 2017, marking a decline of 2.1pc, according to NCSI data.


Narrow money supply, which consists of total cash outside the banking system, in addition to current accounts and demand deposits in local currency, increased by 0.4pc to RO 5.043 billion compared to RO 5.025 billion during the same period of 2017.


Total foreign assets of the Central Bank of Oman (CBO) fell 0.4pc, reaching RO 6.088 billion compared to the same period in 2017 when it stood at RO 6.109 billion.


Private sector deposits in commercial banks and Islamic windows showed a rise of 2.5pc as of the end of October 2018, reaching RO 14.225 billion against RO 13.884 billion in 2017.


Total loans and financing in commercial banks rose by 7pc to RO 24.900 billion by the end of October 2018 against RO 23.267 billion in 2017.


The average interest rate on total credit touched 5.7pc at the end of October 2018, recording a rise of 5.3pc in 2018 compared to 5pc during the same period in 2017. --ONA


 


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