Muscat: In a positive step for the economy the CBO stated that, the total outstanding credit extended by conventional and Islamic banks (collectively known as Other Depository Corporations / ODCs) in Oman grew by 3.0% amounting to RO 27.2 billion at the end of April 2021.

According to the monthly report for April 2021, the figures were segregated and for the credit issued to the private sector, firms witnessed a medium increase by 1.2% Y-o-Y, amounting to RO 23.3 billion. Of this total, the shares of the non-financial companies and household sectors (mainly under personal loans) stood at 46.7% and 45.1% respectively at the end of April 2021. The share of financial corporations was 4.8% and other sectors comprised the remaining 3.4%.

Total deposits held with ODCs registered a strong Y-o-Y growth of 4.1% to register RO 24.9 billion at the end of April 2021. Total private sector deposits increased by 6.8% to RO 17.3 billion. Deposits from households accounted for 50.9% of total private sector deposits, followed by non-financial corporations (32.4%), financial corporations (14.2%) and the other sectors (2.5%).

Amongst additional indicators of monetary aggregates, the broad money supply increased by 5.8% amounting to RO 20 billion and investments in Government Development Bonds increased by 27.3%, compared to the same period last year, to RO 2.2 billion.