MUSCAT: Total credit extended by commercial banks in the Sultanate of Oman increased by 4.5 per cent to reach RO 28.299 billion during the first five months of this year, up from RO 27.085 billion a year earlier.

The Interest rate on loans declined by 0.1 per cent over the year.

Statistics issued by the National Center for Statistics and Information (NCSI) indicated that the effective exchange rate index for the Omani riyal witnessed an increase of 8.3 per cent, recording 111 points, compared to 102.5 points in the same period in 2021.

The volume of foreign assets in the Central Bank of Oman decreased by 3.5 per cent at the end of last May to reach RO 6.705 billion, down from RO 6.945 billion during the same period in 2021.

The total volume of domestic liquidity (M2) increased by 0.5 per cent to reach RO 20.379 billion, compared to RO 20.279 billion a year earlier.

The narrow money supply (M1) decreased by 0.4 per cent to reach RO 5.783 billion, compared to RO 5.803 billion in 2021.

Total private sector deposits with commercial banks and Islamic windows in the Sultanate of Oman increased by 1 per cent to reach RO 17.155 billion during the January – May 2022 period, down from RO 17.336 billion a year earlier, the Centre added.