The total local liquidity in Oman saw a significant increase of OMR2.50 billion, reaching OMR23.58 billion by the end of April 2024, marking a 12 percent rise compared to the same period in 2023. This data comes from the National Centre for Statistics and Information (NCSI), which also reported that total issued cash decreased by 4.6 percent to OMR1.66 billion at the end of April 2024, compared to OMR1.75 billion in April 2023. The narrow money supply, which includes total cash outside the banking system as well as current accounts and demand deposits in local currency, increased by 7 percent to OMR6.23 billion at the end of April 2024, up from OMR5.82 billion in April 2023.
Moreover, the total foreign assets of the Central Bank of Oman (CBO) also saw an increase of 3.1 percent, reaching OMR6.77 billion by the end of April 2024, compared to OMR6.56 billion in April 2023. Private sector deposits in commercial banks and Islamic windows amounted to approximately OMR20.86 billion by the end of April 2024, showing a significant increase of 12.4 percent compared to the same period in the previous year, where it stood at OMR17.87 billion. Additionally, total loans and financing in commercial banks and Islamic windows witnessed a modest increase of 2.6 percent at the end of April 2024, reaching OMR30.81 billion, up from OMR30.25 billion in April 2023.
The average interest rate on total loans also increased by 4.4 percent, hitting a record 5.604 percent at the end of April 2024. The effective exchange rate index of the Omani rial saw a 3.9 percent jump, reaching 118.4 points by the end of April 2024. These statistics provide valuable insights into the economic landscape of Oman, showcasing growth and stability in various financial indicators.
In conclusion, the latest statistics on local liquidity in Oman paint a positive picture, with significant increases in total local liquidity, private sector deposits, and foreign assets. The rise in narrow money supply and total loans and financing in commercial banks are also noteworthy. The increase in the average interest rate on total loans and the effective exchange rate index of the Omani rial further indicate a strengthening economy. These figures reflect the resilience and stability of Oman’s financial sector, portraying a promising outlook for the country’s economic growth.
