A Review of Oman’s Banking And Monetary Developments In November 2020

SourceBusiness Live ME
SectorFinancial Services

Muscat: Data issued by the Central Bank of Oman (CBO) indicated that the total deposits held with ODCs reached RO24 billion at the end of November 2020, increasing by 3.5 per cent from November 2019. Meanwhile, total private sector deposits increased by 10.8 percent to RO 16.5 billion. As per the preliminary data released by National Center for Statistics and Information (NCSI), Oman’s nominal GDP showed a decline of 13.4 per cent during the second quarter of 2020 over the same period of last year. The contraction was driven by a 20 per cent decline in the hydrocarbon sector coupled with the decline in the non-hydrocarbon sector by 9.9 per cent during the second quarter of 2020. The Omani oil price, averaged US$46.5 per barrel during Jan-Nov 2020, was lower by 27.3 per cent over the corresponding period of last year. Moreover, the average daily oil production decreased by 2 per cent to 951.1 thousand barrels during this period. The Sultanate Consumer Price Index (CPI) witnessed a year-on-year (Y-o-Y) negative growth of -0.8 per cent during Jan-November 2020. The other depository corporations (ODCs) represent the combined activities of conventional and Islamic banks in Oman. The total outstanding credit extended by ODCs grew by 1.9 per cent to...read more...