Muscat – The latest statistics released by the Central Bank of Oman (CBO) revealed that the total outstanding credit extended by Oman’s banking sector reached RO31.3bn by the end of July 2024, showing a growth of 3.4% compared to the previous year.

The private sector in Oman received a significant portion of the credit, with a total of RO26.2bn extended to various sectors. Household sector led the way with approximately 45.1% share of the total private sector credit, followed by non-financial corporations at 44.9%.

The growth in total banking sector credit was mainly driven by Islamic banking entities, with a substantial increase in financing by 11% compared to the previous year. Total deposits in the banking sector also showed a robust year-on-year growth of 12.5%, reaching RO31bn by July 2024.

Stay tuned for more updates on the dynamic banking sector in Oman!