Omani rial exchange rate increases 4.1%

The real exchange rate of the Omani rial rose by 4.1 per cent to 103.5 points at the end of June 2018, compared to 102.1 points in the same period in 2017, which indicates a rise in the purchasing power of the Omani rial.

According to preliminary data released by the National Centre for Statistics and Information (NCSI), local liquidity rose at the end of June 2018 by 3 per cent, recording OMR16.62 billion, compared to OMR16.13 billion in the same period of 2017.

The total foreign assets at the Central Bank of Oman (CBO) amounted to OMR6,127.6 million, a decline of 8.5 per cent over the same period of 2017 during which foreign assets hit OMR6,695.4 million.

Private deposits with commercial banks and Islamic windows at the end of June 2018 stood at OMR14,219.6 million, an increase of 4.7 per cent over the same period of 2017, which witnessed private deposits worth OMR13,582.3 million.

Total loans at commercial banks increased by 6.1 per cent to reach OMR24,262.4 million, compared to OMR22,858.8 million during the same period of 2017.

The average interest rate on the total loans also grew by 5.8 per cent. At the end of June 2018, it was 5.2 per cent compared to 4.9 per cent during the same period in 2017.

Total issued cash at the end of June 2018 amounted to OMR1,703.1 million, a decrease of 10.1 per cent, compared to OMR1.895 billion at the same period of 2017.

In addition, the narrow money supply, which consists of total cash outside the banking system, in addition to current accounts and demand deposits in local currency, decreased to OMR5,255.30 million, compared to OMR5,424.30 million during the same period of 2017, with a decrease of 3.1 per cent.