Omani rial strengthens amid economic growth

The effective exchange rate index for the Omani Rial (RO) rose by 3.9 per cent at the end of April 2024, reaching 118.400 points, according to preliminary statistics issued by the National Centre for Statistics and Information (NCSI).

The Centre’s data indicated that local liquidity in the Sultanate of Oman increased by approximately RO 2.500 billion, recording RO 23.589 billion by the end of April, a rise of 12 per cent compared to the same period in 2023.

The total cash issued decreased by 4.6 per cent, recording RO 1.669 billion at the end of April 2024, compared to RO 1.750 billion at the end of April 2023.

Money supply in its narrow sense, which includes total cash outside the banking system plus current accounts and demand deposits in local currency, increased by 7 per cent to reach RO 6.231 billion, compared to RO 5.823 billion at the end of April 2023.

The total foreign assets of the Central Bank of Oman increased by 3.1 per cent, reaching RO 6.773 billion by the end of April 2024, compared to RO 6.568 billion at the end of April 2023.

Private sector deposits in commercial banks and Islamic windows amounted to about RO 20.086 billion at the end of April 2024, an increase of 12.4 per cent compared to RO 17.877 billion during the same period in 2023.

Total loans and financing in commercial banks and Islamic windows increased by 2.6 per cent at the end of April 2024, reaching RO 30.810 billion compared to RO 30.025 billion. The average interest rate on total loans rose by 4.4 per cent, recording a rate of 5.604 per cent at the end of April 2024.

ONA