Total deposits with Oman banks up 13%

Muscat – Total deposits, comprising rial and foreign currency deposits, with commercial banks in Oman increased 12.7 per cent to RO14.17bn in December 2012 from RO12.57bn in December 2011, according to a monthly bulletin issued by the Central Bank of Oman (CBO).
Private sector deposits increased 12.3 per cent to RO9.02bn in December 2012 from RO8.03bn a year ago. Public sector deposits increased 17.3 per cent to RO3.95bn, while deposits of public enterprises declined 1.1 per cent to RO969.2mn during the same period.

The increase in deposits and loans availed by commercial banks led to a remarkable increase in money supply. Broad money (M2) increased 10.7 per cent to RO10.91bn in December 2012 from RO9.85bn in December 2011.

Narrow money (M1), comprising currency held by the public and local currency demand deposits, expanded 13.9 per cent to RO3.49bn at the end of December 2012 on a year-on-year basis.

Quasi money increased 9.3 per cent to RO7.42bn in December 2012 compared to RO6.79bn in the previous year.

Muscat Daily 2013, Feb 22 2013