Strong growth in Oman's total bank deposits

Total bank deposits in Oman at the end of August exceeded OMR 31 billion, marking strong growth of nearly 12% compared to the same period last year, according to data from the Central Bank of Oman.

Private sector deposits accounted for nearly two-thirds, reaching around OMR 21bn.

Deposits with conventional banks also saw a year-on-year increase of more than 10%. Government deposits with conventional banks rose slightly by 2.1%, reaching OMR 5.4bn, while public institution deposits increased significantly by OMR 1.9bn, representing a 28.5% growth.

Private sector deposits made up two-thirds of total deposits with conventional banks, reaching OMR 16.4bn, a rise of 7.6%.

Deposits with Islamic banks also recorded strong growth of 17.6%, reaching OMR 6.4bn by the end of August.

Total credit outstanding in the banking sector increased by 3.3%, reaching OMR 31.4bn in the same period, with private sector credit rising by nearly 3% to reach OMR 26.3bn.