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The total private sector deposits with commercial banks and Islamic financial products in Oman increased by 6.8 percent to 17.2 billion rials, compared to 16.17 billion rials last year.
The total loans and financing of commercial banks increased by 3 percent to 27.18 billion Omani rials, compared to 26.39 billion rials in 2020. However, the average interest rate on total loans showed no increase.
Oman’s non-oil economy increased by 5.7 percent during the first quarter of this year 2021, amounting to 5.7 billion Omani rials, Asharq recently reported citing an official statement.
Oil activities contracted by 20.6 percent, reaching 1.9 billion rials, and the total natural gas activities decreased by 10.4 percent to reach 320.8 million rials.
The Omani economy contracted in the first quarter, affected by the negative performance of the oil sector.