Monday 02, July 2018 by Kudakwashe

Omani banks’ credit up 7.7 per cent in Q1 2018

 

The Sultanate’s financial institutions, including Islamic banks achieved a robust credit growth in the first four months of this year

  

Omani banks, which include Islamic banks, have achieved a year on year growth of OMR 24.13 billion by the end of April 2018.

National Centre for Statistics and Information (NCSI), the average interest rate on total credit grow by 4.9 per cent to 5.1 per cent, according to Oman News.

Deposits of private sector in Omani financial institutions grew by 1.8 per cent to OMR 14.08 billion from OMR 13.82 billion, a growth showing that the financial institutions have ample liquidity.

The period under review, however saw narrow money supply, which mainly consists of currency, demand deposits and other liquid assets edged up by 1.2 per cent to OMR 5,272.5 million from OMR 5,211.9 million. The incremental growth in broad money supply was OMR 168 million for the last 12-month period.

The foreign assets of Central Bank of Oman fell by 10.2 per cent to OMR 6,587.2 million by the end of April 2018, compared to the same period of 2017, reported Oman News.

  

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