Omani Riyal strengthens as local liquidity and private sector deposits rise in January 2024

Omani Riyal strengthens as local liquidity and private sector deposits rise in January 2024

The Omani Riyal's effective exchange rate index rose significantly to 116 points at the close of January 2024, marking a 3.1 per cent increase.

The post Omani Riyal strengthens as local liquidity and private sector deposits rise in January 2024 appeared first on The Arabian Stories News.Muscat: According to the latest data, the local liquidity (M2) in Oman surged by a substantial 14 per cent by the end of January 2024, totalling an impressive RO 23 billion, 375 million, and 800 thousand. Notably, the total cash issued experienced a slight decrease of 1.6 per cent compared to the previous year, amounting to RO 1 billion and 575 million.

On a contrasting note, the narrow money supply (M1) witnessed a significant uptick of 9.2 per cent, reaching RO 6 billion, 90 million, and 600 thousand by January’s end, showcasing a robust increase from the previous year’s figures.

The Central Bank of Oman also saw a positive trend in its total foreign assets, which grew by 7.8 per cent to reach RO 6 billion and 741 million by January 2024. This increase underlines the strengthening of the country’s financial reserves over the past year.

Moreover, private sector deposits in commercial banks and Islamic windows displayed a