Total deposits held with ODCs in Oman top OMR23bn

SourceTimes of Oman
SectorFinancial Markets

September 14, 2020 | 5:47 PM by Times News Service Muscat: Total deposits held with other depository corporations (ODCs) in Oman reached OMR23.8 billion at the end of July 2020, increasing by 3.5 per cent from July 2019. Total private sector deposits increased by 10.4 per cent to OMR16.5 billion, data issued by the Central Bank of Oman indicate.The Monthly Statistical Bulletin issued by CBO indicated that Oman’s nominal gross domestic product (GDP) declined by 3.9 per cent during the first quarter of 2020 compared to the same three-month period of last year, according to preliminary data released by National Centre for Statistics and Information (NCSI).The nominal contraction in the economy was driven by a 6.2 per cent decline in the non-hydrocarbon sector, mainly because of a drop in nominal GDP emanating more...