Omani rial exchange rate index rises by 3.1%: NCSI data
The real exchange rate index of the Omani rial rose by 3.1 per cent at the end of January 2024 to reach 116 points.
Preliminary statistics released by the National Centre for Statistics and Information (NCSI) showed that the broad money supply (M2) in the Sultanate of Oman increased by 14 per cent at the end of January 2024 to reach RO 23.375 billion.
The NCSI data indicated a 1.6 per cent decrease in the total domestically produced money supply, reaching RO 1.575 billion at the end of January 2024 compared to RO 1.600 billion at the end of January 2023. On the other hand, NCSI report said the narrow money supply (M1), consisting of total cash outside banks, current accounts, and demand deposits in local currency, increased by 9.2 per cent to reach RO 6.090 billion compared to RO 5.577 billion at the end of January 2023.
Total foreign assets in the Central Bank of Oman rose by 7.8 per cent, reaching RO 6.741 billion at the end of January 2024 compared to RO 6.254 billion at the end of January 2023.
Private sector deposits in commercial banks and Islamic windows reached RO 19.559 billion at the end of January 2024, an 11.6 per cent increase from the same period in 2023, which had witnessed deposits of RO 17.532 billion.
Total loans and financing in commercial banks and Islamic windows at the end of January 2024 increased by 3.8 per cent to reach RO 30.485 billion compared to RO 29.358 billion.
The average interest rate on total loans increased by 4.5 per cent, recording 5.546 per cent at the end of January 2024.