HomeEconomyThe Central Bank of Oman: Annual inflation recorded 3.7% in April
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June 15, 2022 11:20 am

The Central Bank of Oman: Annual inflation recorded 3.7% in April

Conventional mortgage grew by 2.7%
Oman
Central Bank of Oman

The consumer price index in the Sultanate of Oman had an annual inflation rate of 3.7 percent between January and April, according to a report from the Central Bank of Oman (CBO). In April, Oman’s conventional mortgage increased by 2.7 percent compared to the same month last year.

When compared to the same month in 2020, Oman’s annual inflation rate increased in April 2021 by 1.59 percent.

CBO said that according to preliminary figures released by the National Center for Statistics and Information, Oman’s nominal GDP increased by 16.1 percent in 2021 compared to 2020.

According to the report, this increase was primarily a result of the 38.5 percent and 8.4 percent growth at current prices, in the added value of oil and non-oil activities respectively.

The average price of Omani oil during the period January-April 2022 was about $82.2 per barrel, i.e. 57.1 percent higher than its level during the same period in 2021.

In terms of production, over the months of January through April, the average daily production of oil increased by 9.2 percent to 1.0400 million barrels.

Regarding prices, the Sultanate’s consumer price index shows an annual inflation rate of 3.7 percent from January to April.

The banking sector

 

The following are the most significant changes that may be seen in the consolidated balance sheet statements of conventional and Islamic banks, also referred to as other depository companies:

– By the end of April 2022, the total amount of credit granted by these businesses climbed by 3.9 percent, reaching 28.2 billion Omani riyals.

– At the end of April, credit provided to the private sector had increased marginally by 1.2 percent to 23.6 billion Omani riyals.

– As of the end of April, total banking sector deposits increased by 3.3 percent to 25.8 billion riyals.

Regarding the activity of traditional commercial banks between March and April, it appears that the overall balance of bank-granted credit increased by 2.7 percent.