Total deposits in Oman’s banking sector grow 4.4% to OMR24 billion

Total deposits in Oman’s banking sector grow 4.4% to OMR24 billion

Muscat: The total deposits held with other depository corporations (ODCs) reached OMR24 billion at the end of August 2020, increasing by 4.4 per cent compared to August 2019, data issued by the Central Bank of Oman (CBO) shows.Meanwhile, total private sector deposits increased by 10.8 per cent to OMR16.5 billion at the end of August 2020.Oman's nominal gross domestic product (GDP) declined by 13.4 per cent during the second quarter of 2020 compared to the same period of last year, according to preliminary data released by National Centre 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 the decline in the non-hydrocarbon sector by 9.9 per cent during the second quarter of 2020.The Omani