Sunday 03, June 2018 by Kudakwashe

Oman’s bank credit rises 7.8 per cent

 

Oman banking sector’s credit rose to OMR 24.1 billion at the end of March 2018 to7.8 per cent compared to the same month a year ago

The CBO’s monthly report showed that the credit availed for the private sector grew 6.3 per cent to OMR 22.4 billion at the end of March this year, according to the figures released by the Central Bank of Oman.

The banking sector continued achieving reasonable growth rates and supported the economic diversification initiatives including meeting the credit needs of all economic sectors with more focus on SMEs, it said.

Total deposits of Oman’s banking sector grew 4.1 per cent to OMR 22.3 billion in March compared to the same period last year. Deposits of the private sector grew 2.9 per cent to OMR 14.2 billion as of the end of March 2018

The CBO has recently introduced amendments in its banking sector regulations to raise available credit liquidity. According to the Central Bank, this led to the creation of a business-friendly environment which enhanced the growth of the economy.  

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