6.1 per cent rise in CBO foreign assets

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MUSCAT: The effective exchange rate index of the Omani Riyal fell 1.4 per cent to 104.1 points as of the end of July 2020 compared to 105.6 points in the same period of 2019.

The Sultanate registered an increase in narrow money supply (M1) by 7.8 per cent to reach RO 5.57 billion at the end of July 2020. Meanwhile, broad Money Supply (M2) rose 10 per cent to reach RO 19.06 billion during the period as against RO 17.33 billion the previous year, according to data released by the National Centre for Statistics and Information (NCSI). Total foreign assets of the Central Bank of Oman (CBO) rose 6.1 per cent, reaching RO 6.28 billion compared to the same period of 2019, when it stood at RO 5.92 billion.

Private sector deposits in commercial banks and Islamic windows showed a rise of 10.4 per cent as of the end of July 2020, reaching RO 16.46 billion against RO 14.91 billion in 2019.

Total loans and financing in commercial banks rose by 1.7 per cent to RO 26.17 billion at the end of July 2020 against RO 25.74 billion in 2019.

The average interest rate on total credit rose 1.5 per cent at the end of six-month period of 2020, recording a rise of 5.4 per cent in 2020 compared to the same rate during the comparable period of 2019. The total currency issued at the end of July 2020 stood at RO 1.96 billion against RO 1.65 billion issued in 2019, marking a rise of 18.9 per cent, according to NCSI data. — ONA