The Central Bank of Oman (CBO) announced that the credit disbursement by commercial banks in the sultanate rose 11.2% and interest rates on both local currency lending and deposits softened during the first six months of 2014, Muscat Daily reported. Total credit of the country’s commercial banks increased to RO16.37bn at the end of June 2014, from RO14.72 a year ago. In its latest statistical bulletin, CBO said that the performance of commercial banks has continued to remain favourable. “The financial health of banks in terms of asset quality, provision coverage, capital adequacy and profitability remained strong.” While commercial banks’ credit to the government declined by 28.5% during the period, credit to the private sector and public enterprises increased by 11.3% and 9.3%, respectively. Credit to the private sector stood at RO14.21bn, accounting for nearly 87% of total bank credit.
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