The total broad money supply (M2) in the Sultanate of Oman increased by 11 percent by the end of November 2024 to reach OMR24,827.7 million ($24.82 billion or $64.5 billion), according to the preliminary data issued by the National Centre for Statistics and Information (NCSI). This growth indicates a robust monetary environment in the country, Oman News Agency (ONA) reported.
The issued currency declined by 5.2 percent to reach OMR1,505.2 million by the end of November 2024 compared to OMR1,588.1 million by the end of November 2023. This reduction reflects shifts in currency circulation and economic activity.
Narrow money supply (M1) by the end of November 2024 stood at OMR7,046.3 million, comprising an increase of 22.1 percent compared to the corresponding period in 2023. This substantial growth highlights the increasing liquidity in the economy.
Foreign assets at the Central Bank of Oman
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 percent to OMR7,041.8 million by the end of November 2024, compared to November 2023 when the figure stood at OMR6,516.2 million. This rise reflects strengthening financial reserves.
Read more: Oman’s Central Bank issues treasury bills worth $59.7 million
Private sector deposits in Oman banks
Meanwhile, private sector deposits in commercial banks and Islamic windows by the end of November 2024 stood at OMR20,639.0 million, up by 9.2 percent compared to the corresponding period in 2023 when the figure was OMR18,904.2 million. This increase indicates growing confidence among depositors.
Loans and financing growth in Oman
Total loans and financing in commercial banks and Islamic windows grew by 4.2 percent by the end of November 2024 to OMR32,165.1 million, compared to OMR30,878.4 million. This growth in lending supports economic activity and development.
The average interest rate on total loans increased by 3.3 percent by the end of November 2024, reaching 5.667. This rise in interest rates may influence borrowing costs for consumers and businesses.
The effective exchange rate index of the Omani Rial decreased by 1.3 percent to 114.2 by the end of November 2024. This change in the exchange rate could affect international trade and investment flows.
