Oman’s domestic liquidity surged to RO 24.692 billion (USD 64.3 billion) by the end of September 2024, reflecting a 13.9% increase compared to the same period last year, according to preliminary data from the National Center for Statistics and Information (NCSI).
Key Highlights
- Total Issued Currency decreased by 4.5%, reaching RO 1.545 billion (USD 4 billion) compared to RO 1.617 billion (USD 4.2 billion) in the previous year.
- Narrow Money Supply (M1), including currency in circulation and demand deposits, saw a slight 0.7% increase, reaching RO 5.739 billion (USD 15 billion).
- Quasi-Money, comprising savings deposits, time deposits, and foreign currency deposits, recorded a significant 18.2% increase, rising to RO 18.953 billion (USD 49.4 billion).
Economic Implications
The sharp rise in quasi-money reflects stronger banking sector performance, bolstered by economic growth and higher oil revenues. The liquidity expansion aligns with Oman’s efforts toward economic recovery, fiscal reforms, and investments in infrastructure and strategic sectors.
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