Sunday 29 / December / 2024
Muscat: The broad money supply in the Sultanate of Oman witnessed a growth of 12.6 percent on an annual basis to reach OMR24.8 billion by the end of October 2024.
This increase was due to the increase in narrow money by 24.8 percent, and quasi-money by 8.4 percent, which consists of the total savings deposits and time deposits in Omani riyals plus certificates of deposit issued by banks in addition to margin accounts and all foreign currency deposits in the banking sector.
Cash held by the public at the end of last October decreased by 5.9 percent, while demand deposits increased by 33.2 percent.
With regard to the interest rate structure of conventional commercial banks, the weighted average interest rate on deposits in Omani riyals increased from 2.531 percent in October 2023 to 2.709 percent in October 2024, while the weighted average interest rate on loans in Omani riyals increased from 5.452 percent to 5.628 percent during the same period.
The average interest rates in the overnight interbank lending market recorded a decrease of 4.681 percent in October 2024 compared to 5.584 percent in October 2023; as a result of the decrease in the weighted average interest rates on repurchase operations to reach 5.500 percent compared to 6.000 percent during the same period last year, in line with the policies of the US Federal Reserve.
Islamic banking assets top OMR8bn
Meanwhile, The total assets of Islamic banks and windows combined amounted to about OMR8.3 billion, representing 18.7 percent of the total assets of the banking sector in the Sultanate of Oman by the end of October 2024, recording an increase of 16.4 percent compared to the same period in 2023.
Data issued by the Central Bank of Oman (CBO) indicated that the total financing balance granted by units practicing Islamic banking activity increased by 13.8 percent to reach about OMR6.7 billion.
While deposits in Islamic banks and windows recorded a 24 percent increase to reach OMR6.5 billion by the end of October 2024.
