The Omani banking system in 2011 continued to exhibit an upward trend exhibiting sustained economic growth. Till November 2011, total assets of commercial banks in the Sultanate increased by 14.4 per cent to RO 17,934 million compared to RO 15,679 million during the corresponding period in 2010.
Cash on hand and deposits of commercial banks at the Central Bank of Oman (Central Bank of Oman) stood higher at RO 1,722 million at the end of November 2011 due to maturity of outstanding CBO certificates of deposit compared to RO 1,025.5 million in November 2010.
Total credit expanded by 17 per cent to RO 12,354.4 million in November 2011 and accounted for 68.9 per cent of total assets. Credit to government declined by 45.4 per cent in November 2011 reflecting revenue surplus arising out of higher realisation of crude oil prices. Credit to public enterprises and the private sector also increased by 60.7 per cent and 13.1 per cent, respectively.
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