Central Bank of Oman: 24.8 billion Omani riyals increase in local liquidity

The total local liquidity in the Sultanate of Oman increased by about 2.8 billion Omani riyals by the end of October 2024, recording 24 billion, 808 million and 100 thousand Omani riyals, an increase of 12.6 percent compared to the same period in 2023, according to preliminary statistics issued by the National Center for Statistics and Information.

The center's statistics indicated that the total issued currency decreased by 3.7 percent, recording 1 billion, 519 million and 900 thousand Omani riyals by the end of October 2024, compared to 1 billion, 578 million and 900 thousand Omani riyals by the end of October 2023.

The narrow money supply (M1), which consists of total cash outside the banking system in addition to current accounts and demand deposits in local currency, increased by 24.8 percent, recording 6 billion, 995 million and 800 thousand Omani riyals, compared to 5 billion, 605 million and 100 thousand Omani riyals at the end of October 2023.

The total foreign assets of the Central Bank of Oman increased by 13.8 percent, recording 7 billion, 209 million and 500 thousand Omani riyals at the end of October 2024, compared to the end of October 2023, when the total foreign assets amounted to 6 billion, 336 million and 700 thousand Omani riyals.

Private sector deposits in commercial banks and Islamic windows amounted to about OMR 20 billion, 384 million and 300 thousand by the end of October 2024, an increase of 9.4 percent over the same period in 2023, which witnessed private sector deposits of OMR 18 billion, 638 million and 500 thousand.

Total loans and financing in commercial banks and Islamic windows increased by 4.8 percent by the end of October 2024 to reach OMR 31 billion, 875 million and 200 thousand compared to OMR 30 billion, 409 million and 900 thousand, and the average interest rate on total loans increased by 3.2 percent, recording 5.628 percent at the end of October 2024.

The effective exchange rate index of the Omani riyal decreased by 1.1 percent by the end of October 2024 to reach 116.4 points.