On Oman's monetary and banking status
Oman, Economics, 8/14/2003

Oman's official news agency said last week in a report that: Money supply M1 registered a rise of 11.9% to reach RO. 901,3 million at the end of June 2003, compared to RO. 805,7 million during the corresponding period in 2002.

The Monthly statistical bulletin issued by the Central Bank of Oman (CBO) attributed this rise to a 14.8% increase in Riyal Omani demand deposits and a 6.5% increase in cash outside the banking system.

On the other hand Quasi money (RO. Savings and time deposits, margins and forex deposits) rose by 3.1% to reach RO. 1978,8 million at the end of June 2003.

The broad measure of money M2(M1 plus quasi money) rose by 5.7% to reach RO. 2880,1 million at the end of June this year.

Total credit offered by commercial banks stood at RO. 3294 million at the end of June this year, against RO. 3224Ê million during the corresponding period in 2002, constituting a 2.2% decrease, an RO.3001,9 million of this amount was offered to the private sector.

Total deposits of commercial banks as at the end of June 2003 amounted to RO. 2899,6 million, compared to RO. 2822,4 million, during the corresponding period 2002, a 2.7% rise.

The core capital and reserves of commercial banks stood at RO. 456 million during the same period. It constituted 15.7% of total deposits and 10.3% of total assets.Ê ÊÊÊ The weighted average interest rate on private sector Riyal Omani lending fell from 3.35% in June last year to 2.66% in June this year.

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