Deposits held by banks in Oman grow to OMR24 billion

SourceTimes of Oman
SectorFinancial Services

Muscat: The total deposits held with other depository corporations (ODCs) reached OMR24.0 billion at the end of November 2020, increasing by 3.5 per cent from November 2019, according to the latest data of CBO.Meanwhile, data issued by the Central Bank of Oman (CBO) indicated that total private sector deposits increased by 10.8 per cent to OMR16.5 billion.As per the preliminary data released by National Centre 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 20.0 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 $46.5 per barrel during January-November 2020, was lower by 27.3 per cent over the corresponding period of last year. The Sultanate Consumer Price Index (CPI) witnessed a year-on-year (Y-o-Y) negative growth of -0.8 per cent during January-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 OMR26.3 billion at the end more...