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Oman banks savings; deposits grow by 8.5%

: Tuesday, September 02 - 2014 @ 09:49

Quasi-money (savings and time deposits, certificates of deposits issued by commercial banks, margin deposits and foreign currency denominated deposits in Omani rials) witnessed a growth of 8.5% during the period, according to the report issued by the Central Bank of Oman (CBO), Saudi Gazette reported. The share of quasi-money to the total money stock declined to 63.9% in June, 2014 as compared to 68.1% a year ago. As of the end of June 2014, narrow money stock (M1) when measured on year-on-year basis, grew sharply by 30.9% driven mainly by an increase in currency with the public by 16.8%, as well as increase in demand deposits by 36.2%. Broad money supply M2 (that is, M1 plus quasi-money) stood at OR13,046.6m at end of June 2014, up from OR11,281.0m a year ago, registering an increase of 15.7% during the period.

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Tuesday, September 2- 2014 @ 9:49 UAE local time (GMT+4) Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of Mediaquest FZ LLC.

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