(MENAFN- Muscat Daily) Muscat -
Conventional banks witnessed a growth in credit disbursement for the month ending May 2019, year-on-year basis, as the total outstanding amount went up by of 5.5 per cent. During the month, the credit provided by banks to the private sector also increased by 2.7 per cent to RO19bn, indicating a revival in economic growth, according to the data by Central Bank of Oman (CBO).
According to CBO, the nominal Gross Domestic Product of Oman continues to expand at a robust pace and grew by 12 percent during 2018 as against 7.3 per cent in the previous year.
'Inflationary conditions remained benign and the average retail inflation stood at 0.3 percent during January-March 2019 as compared to 0.6 per cent during the same period of last year,' said CBO in its monthly statistical bulletin.
Aggregate deposits held with conventional banks increased by 1.3 per cent to RO19.4bn in May 2019 from RO19.2bn a year ago. Government deposits with conventional banks increased by 1.7 per cent to RO5.3bn, while deposits of public enterprises increased by 9.8 per cent to RO1bn during the same period.
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