FINANCIAL NEWS

Omani Financial institutes log 10pct rise in credit

22 Dec 2015

(MENAFN) Oman’s commercial banks have accomplished a solid 10.44 percent growth in overall credit to USD47.4 billion throughout a total of 12 months up until last October.

Additionally, the request for credit from the corporate segment is frequently for funding projects, which are either state-owned entities or semi-government-related entities.

On a different note, total deposits at Omani banks climbed slightly by 5.9 percent to USD47 billion for the mentioned timeframe, compared to USD44.3 billion in the previous year.

However, Deposit growth in Oman and other Gulf nations revealed a slowdown, due to the fact that government entities have been extracting their deposits in light of low oil revenues.

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