A Review Of Banking And Monetary Developments In Oman In September 2020

A Review Of Banking And Monetary Developments In Oman In September 2020

Muscat: Statistics revealed by the Central Bank of Oman show the monetary developments indicated in Oman in September 2020.

Data issued by the Central Bank of Oman (CBO) indicated that the total deposits held with Other Depository Corporations (ODC) reached RO24.3 billion at the end of September 2020, increasing by 5 per cent from September 2019.

Notably, total private sector deposits increased by 9.5 per cent to RO16.4 billion by the end of September 2020.

The monthly statistical bulletin issued by CBO indicated that Oman's nominal GDP declined by 13.4 perc ent during the second quarter of 2020 compared to the same period of last year, according to preliminary data released by National Center for Statistics and Information (NCSI).

The nominal contraction in the economy was driven by a 20 per cent decline in the hydrocarbon sector, as well as a decline in the non-hydrocarbon sector by 9.9 per cent during the second quarter of 2020.

The Omani oil price averaged US$47.2 per barrel during the first nine months of 2020, which is lower by 26.8 per cent over the corresponding period of last year.

Moreover, the average daily oil production decreased by 1.8 per cent to 952,900 barrels during this period. According to the latest