Central Bank of Oman’s foreign assets rise to $17.49m in 2023

The Central Bank of Oman’s total foreign assets increased by 0.1 percent, reaching 6.73 million Omani rials ($17.49 million) as of Dec. 31, 2023, compared to the same period the previous year.

The rise in foreign asset figures enhances liquidity to meet balance of payments needs and provides a level of fiscal security against negative economic events.

According to new figures released by the National Centre for Statistics and Information, the narrow money supply, or M1, increased by 6.6 percent, reaching 5.98 million rials during the same period, as reported by the Oman News Agency.

M1 encompasses the total cash outside the banking system, along with current accounts and demand deposits in the local currency.

In contrast, the broad money supply, or M2, stood at 23 million rials at the end of 2023, reflecting a surge of 13.1 percent compared to the same period in 2022.

Private sector deposits in commercial banks and Islamic windows reached 19.2 million rials at the end of 2023, marking an increase of 10.6 percent compared to the corresponding period in the previous year.

Moreover, total loans and financing in commercial banks and Islamic windows grew by 4.3 percent in the same period, reaching 30.47 million rials.

Surge in hotel revenues

The statistics issued by the NSCI revealed that the revenues of 3-5-star hotels in Oman reached 24.75 million rials at the end of January 2024, marking a 17.1 percent increase compared to the same period in 2023. This growth aligns with the total number of hotel guests, which rose by 20.5 percent, reaching 215,660 by the end of January 2024, compared to the corresponding period in 2023.

Furthermore, the hotel occupancy rate registered a growth of 16.2 percent during the same period.

According to the NCSI report, Omanis topped the number of guests in hotels, with their counts standing at 75,219.

Meanwhile, the count of European guests recorded during the period was 73,325, reflecting a surge of 17.9 percent compared to the corresponding period a year earlier.

On the other hand, guests from the Gulf Cooperation Council countries increased by 10.5 percent, reaching 11,961, while the count for American guests reached 7,231.