Times of Oman | News :: Omani banks' domestic assets surge 18.8% year-on-year basis in May

Times of Oman | News :: Omani banks' domestic assets surge 18.8% year-on-year basis in May:

"At the end of May 2013, broad money (M2) when measured on a year-on-year basis had increased by 9.4 per cent to OMR11.26 billion, compared to 10.29 billion same time last year.

Narrow money stock (M1), comprising currency held by the public and local currency demand deposits, expanded by 10.2 per cent to OMR3.64 billion at the end of May 2013. Quasi money — RO savings and time deposits, certificates of deposits issued by commercial banks, margin deposits and foreign currency denominated deposits — increased by 9.0 per cent to OMR7.61 billion in May 2013, compared to OMR6.99 billion the previous year. The key drivers for monetary expansion during the period were the increase in domestic assets, which rose by 18.8 per cent, followed by net foreign assets of the banking system that rose by 3.7 per cent. "

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