Total deposits in Oman’s banking sector grow 5% to OMR24.3bn

Total deposits in Oman’s banking sector grow 5% to OMR24.3bn

Muscat: The total deposits held with other depository corporations (ODCs) reached OMR24.3 billion at the end of September 2020, an increase of 5 per cent from September 2019, data issued by the Central Bank of Oman (CBO) shows.The total private sector deposits increased by 9.5 per cent to OMR16.4 billion by the end of September 2020.The monthly statistical bulletin issued by CBO indicates that 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 oil price averaged $47.2 per barrel during the first nine months of 2020 which is lower by 26.8 per cent over the corresponding period of last year.Moreover, the average daily oil production decreased by 1.8 per cent to 952,9000 barrels during this period. According to the latest data released by the NCSI, the Sultanate Consumer Price Index (CPI) witnessed a