RIYADH: The Central Bank of Oman’s total foreign assets increased by 0.1 percent, reaching 6.73 million Omani rials ($17.49 million) as of Dec. 31, 2023, compared to the same period the previous year.
The rise in foreign asset figures enhances liquidity to meet balance of payments needs and provides a level of fiscal security against negative economic events.
According to new figures released by the National Centre for Statistics and Information, the narrow money supply, or M1, increased by 6.6 percent, reaching 5.98 million rials during the same period, as reported by the Oman News Agency.
M1 encompasses the total cash outside the banking system, along with current accounts and demand deposits in the local currency.
In contrast, the broad money supply, or M2, stood at 23 million rials at the end of 2023, reflecting a surge of 13.1 percent compared to the same period in 2022.
Private sector deposits in commercial banks and Islamic windows reached 19.2 million rials at the end of 2023, marking an increase of 10.6 percent compared to the corresponding period in the previous year.
Source: Arab News
