Oman bank credit growth slows to 1.9%, deposits up by 3.5%
Published 12 Jan,2021 via Muscat Daily - Bank credit growth continues to be slow in the sultanate amid the economic slowdown caused by the coronavirus pandemic and weak oil prices.
The latest numbers released by the Central Bank of Oman (CBO) on Tuesday showed that credit growth in Oman’s banking sector has remained low at 1.9 per cent in November 2020 compared to the same month a year ago, while total deposits in the banking system have increased by 3.5 per cent in the same period.
Total outstanding credit extended by Oman’s banking sector (conventional and Islamic banks) grew to RO26.3bn at the end of November, while credit to the private sector showed a more tepid growth of 0.5 per cent year-on-year to reach at RO22.9bn, the CBO data showed.
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