Effective exchange rate of Omani Rial increases by 2.7%

Muscat: The effective exchange rate index of Omani Rial rose by 2.7 percent to reach 118.4 points by the end of June 2024, according to preliminary statistics issued by the National Centre for Statistics and Information (NCSI).

The data indicated that local liquidity in the Sultanate of Oman increased by OMR2.6 billion to reach OMR24.62 billion by the end of June 2024 registering an increase of 12 percent compared to the same period in 2023.

Total issued cash decreased by 3.3 percent to OMR1.70 billion by the end of June 2024 compared to OMR1.76 billion by the end of June 2023.

The narrow money supply (M1), which consists of total cash outside the banking system in addition to current accounts and demand deposits in local currency, also increased by 16.3 percent, to reach OMR6.73 billion compared to OMR5.78 billion at the end of June 2023.

The total foreign assets of the Central Bank of Oman (CBO) also increased by 6.2 percent to reach OMR6.99 billion by the end of June 2024 compared to OMR6.58 billion to the end of June 2023.

The total loans and financing in commercial banks and Islamic windows increased by 3.8 percent at the end of June 2024 to reach OMR31.43 billion compared to OMR30.27 billion. The average interest rate on total loans increased by 2.7 percent at 5.581 percent at the end of June 2024.