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Reading: Private sector deposits in conventional banks increased by 9.7% to OMR16bn
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Gulf Press > Business > Private sector deposits in conventional banks increased by 9.7% to OMR16bn
Business

Private sector deposits in conventional banks increased by 9.7% to OMR16bn

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Last updated: 2024/06/04 at 2:08 PM
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Private sector deposits with conventional banks in Muscat increased by 9.7 percent as of March 2024 to reach OMR16 billion, accounting for 65.7 percent of total deposits. Credit to the private sector also saw an increase of 1.6 percent to reach OMR20.3 billion, with investments in securities also experiencing growth. Investment in Government Development Bonds decreased, while foreign securities saw a significant increase. Total outstanding credit with conventional banks showed a 0.8 percent year-on-year growth, with aggregate deposits increasing by 10.2 percent year-on-year to OMR24.4 billion. Government deposits decreased, while public enterprises saw an increase.

The preliminary data released by National Centre for Statistics and Information (NCSI) showed a decline of 2.8 percent in nominal GDP at the end of the fourth quarter of 2023, driven by a decrease in output of the hydrocarbon sector. However, real GDP demonstrated an increase of 1.3 percent, with the non-hydrocarbon sector showing positive growth. The Omani oil average price at the end of March 2024 was lower than the previous year, with a decrease in average daily oil production. The average Consumer Price Index showed a year-on-year inflation of 0.03 percent in March 2024.

Total outstanding credit extended by other depository corporations (ODCs) in Oman grew by 2.9 percent to OMR30.8 billion, with credit to the private sector increasing by 3.6 percent year-on-year. The highest share of total private sector credit went to non-financial corporations, followed by the household sector. Total deposits with ODCs grew significantly year-on-year to reach OMR30.3 billion, with private sector deposits increasing by 13.7 percent.

Islamic Banks and Windows saw a 14.8 percent increase in total assets on a year-on-year basis, reaching OMR7.6 billion. Financing provided by Islamic banking entities also increased by 12 percent over the previous year. Total deposits held with Islamic banks and windows grew by 18.6 percent to OMR5.8 billion. Broad money supply M2 increased by 15.2 percent at end-March 2024, with an increase in both narrow money and quasi-money.

The weighted average interest rate on OMR deposits with conventional banks increased, as did the weighted average lending rate. The overnight Rial Omani domestic interbank lending rate also rose, reflecting an increase in the average Repo rate for liquidity injection by the Central Bank of Oman. These changes are in line with movements in the US Federal Reserve rates.

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News Room June 4, 2024
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