Broad money supply in Oman jumps by 11% to OMR24.82bn

Muscat: The total broad money supply (M2) in the Sultanate of Oman increased by 11% by the end of November 2024 to reach RO 24.82 billion, according to the preliminary data issued by the National Centre for Statistics and Information (NCSI).

The issued currency declined by 5.2% to reach RO 1,505.2 million by the end of November 2024 compared to RO 1,588.1 million by the end of November 2023.

Narrow money supply (M1) by the end of November 2024 stood at RO 7,046.3 million, comprising an increase of 22.1% compared to the corresponding period in 2023.

Statistics issued by the National Centre for Statistics and Information (NCSI) show that the total foreign assets at the Central Bank of Oman (CBO) increased by 8.1% to RO 7,041.8 million by the end of November 2024, compared to November 2023 when the figure stood at RO 6,516.2 million.

Meanwhile, private sector deposits in commercial banks and Islamic windows by the end of November 2024 stood at RO 20,639.0 million, up by 9.2% compared to the corresponding period in 2023 when the figure stood at RO 18,904.2 million.

Total loans and financing in commercial banks and Islamic windows grew by 4.2% by the end of November 2024 to RO 32,165.1 million, compared to RO 30,878.4 million.

The average interest rate on total loans increased by 3.3% by the end of November 2024 to reach 5.667.

The effective exchange rate index of the Omani Rial decreased by 1.3% to 114.2 by the end of November 2024.