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Omani rial exchange rate index rises 3.6 per cent

Omani rial exchange rate index rises 3.6 per cent

Muscat: The effective exchange rate index of the Omani rial rose by 3.6 per cent to 104.0 points at the end of January 2019 compared to 100.4 points in the same period of 2018, indicating the currency’s enhanced purchasing power.

The Sultanate registered a 3 per cent fall in narrow money supply (M1) to reach OMR4.8 billion by the end of January 2019. Broad Money Supply (M2) on the other hand rose 2.4 per cent to reach OMR16.67 billion during the period as against OMR16.28 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) fell by 12.5 per cent, reaching OMR6.56 billion compared to the same period of 2018, when it stood at OMR7.50 billion.

Private sector deposits in commercial banks and Islamic windows showed a rise of 1.3 per cent at the end of January 2019, reaching OMR14.31 billion against OMR14.12 billion in 2018.

Total loans and financing in commercial banks rose by 6.1 per cent to OMR25.11 billion at the end of January 2019 against OMR23.67 billion in 2018.

The average interest rate on total credit touched 6.6 per cent at the end of one-month period of 2019, recording a rise of 5.4 per cent in 2019 compared to 5 per cent during the same period in 2018.

The total currency issued till the end of January 2019 stood at OMR1.57 billion against OMR1.62 billion issued in 2018, marking a decline of 2.9 per cent, according to NCSI data.