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Omani rial effective exchange rate index rises by 6.5 percent

The Sultanate’s issued currency in October stood at RO 1.66 billion as against RO 1.58 billion recorded in the same month last year, marking a rise of 5.6%.

The Sultanate’s issued currency in October stood at RO 1.66 billion as against RO 1.58 billion recorded in the same month last year, marking a rise of 5.6%.
Narrow Money Supply (M1) rose by 15.4% in October to RO 5.28 billion from RO 4.57 billion last year, while Broad Money Supply (M2) grew by 14.7% to RO 14.91 billion from RO 12.99 billion in October 2014, according to data released by the National Centre for Statistics and Information (NCSI).
Meanwhile, the Central Bank of Oman’s foreign assets registered a healthy growth of 7.7% this October to touch RO 7.17 billion compared to RO 6.65 billion last year.
Private Sector Deposits in commercial banks increased by 8.1% to RO 11.78 billion as against RO 10.90 billion a year ago, while total credit at commercial banks posted a growth of 10.4%  taking the total value to over RO 18.31 billion from RO 16.58 billion recorded in October last year.
Average interest rate on total credit at commercial banks underwent a decline of 6.0% in October to reach 4.44%, from year-ago rate of 4.72%.
Indicating a higher purchasing power for the Omani Rial, the currency’s Effective Exchange Rate Index rose by 6.5% to 105.0 from last year’s index value of 98.6, says the NCSI data.

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