MUSCAT, Oman, Review of the activities of conventional banks indicates an annual growth in total outstanding credit disbursement of 5.6 percent, as at the end of Feb, 2018. Credit to the private sector increased by four percent to RO 18.5 billion (USD 48.11 billion).

A bulletin released by the Central Bank of Oman (CBO) pointed out that, conventional banks’ overall investments in securities grew by 11.7 percent to RO 3.4 billion. Investment in Government Treasury Bills stood at RO 1.35 billion.

Aggregate deposits held with conventional banks increased by 2.1 percent to RO 18.9 billion in Feb, 2018, from RO 18.5 billion a year ago.

Government deposits with conventional banks marginally declined by 0.1 percent to RO 4.9 billion, while deposits of public enterprises increased by 4.9 percent to RO 0.9 billion, during the same period.

Private sector deposits, which accounted for 66.5 percent of the total deposits with conventional banks, increased by 0.8 percent to RO 12.6 billion in Feb, 2018, from RO 12.4 billion a year ago. The core capital and reserves of conventional banks as at the end of Feb, 2018 stood at RO 4.6 billion.

Islamic banking entities provided financing to the extent of RO 3.1 billion as at the end of Feb, 2018, as compared to RO 2.6 billion a year ago.

Source: Nam News Network