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Oman’s total outstanding credit extended by Other Depository Corporations, which consist of conventional and Islamic banks, grew by 6.5 per cent to 30.3 billion Omani rials ($78.7bn) at the end of June, according to a monthly statistical bulletin by the country’s apex bank.
The Central Bank of Oman noted that the nominal gross domestic product showed an increase of 7.4pc at the end of the first quarter of the year compared to the same period in 2022, adding that the rise was driven by an increase in the output of hydrocarbon and non-hydrocarbon sectors by 6.1 and 6.7pc, respectively.
In its review, the bank noted that credit to the private sector demonstrated a 7pc year-on-year increase, reaching 25.4bn rials.
Furthermore, it pointed out that non-financial corporations received the highest share of the total private sector credit at nearly 45.9pc at the end of June, followed by the household sector at 44.4pc.
The total deposits held with ODCs registered a year-to-year growth of 4.4pc to reach 27.5bn rials at the end of June.
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