Oman’s banking sector sees growth as loans hit RO 30 billion and interest rates climb

Oman’s banking sector sees growth as loans hit RO 30 billion and interest rates climb

The latest data from the National Center for Statistics and Information reveals significant growth in loans and liquidity within the banking sector.

The post Oman’s banking sector sees growth as loans hit RO 30 billion and interest rates climb appeared first on The Arabian Stories News.Muscat: The total loans and financing in commercial banks and Islamic windows saw a significant uptick of 2.7 per cent, reaching a total of RO 30 billion, 612 million, and 300 thousand, marking a noticeable growth from the previous period’s RO 29 billion, 812 million, and 200 thousand.

Simultaneously, the average interest rate on these loans climbed by 3.4 per cent, hitting 5.542 per cent by the end of February 2024, according to preliminary data released by the National Center for Statistics and Information.

The Center’s report also highlighted a robust increase in local liquidity within Oman, surging by approximately RO 3.3 billion to reach RO 23 billion, 939 million, and 800 thousand. This marks a notable 15.8 per cent increase compared to the corresponding period in 2023, showcasing a strengthening financial landscape within the Sultanate.

However, the total cash issued experienced a slight decrease of 1.9 percent, totaling RO 1 billion and 571 million by the end