Central Bank Of Oman’s Foreign Assets Grow To $17.49m In 2023
The Central Bank of Oman has reported a modest increase in its total foreign assets as of December 31, 2023, with figures reaching 6.73 million Omani rials ($17.49 million), marking a 0.1 percent rise from the previous year. This growth is vital for enhancing liquidity and providing a safeguard against adverse economic events.
Further data from the National Centre for Statistics and Information (NCSI) highlights an upswing in the narrow money supply (M1), which saw a 6.6 percent increase to 5.98 million rials during the same timeframe. M1 includes cash outside the banking system, along with current accounts and demand deposits in the local currency. Meanwhile, the broader money supply (M2) surged by 13.1 percent to 23 million rials at year-end 2023, compared to 2022.
Additionally, deposits from the private sector in commercial banks and Islamic windows exhibited a 10.6 percent growth, reaching 19.2 million rials. Furthermore, total loans and financing in these banking institutions witnessed a 4.3 percent increase, amounting to 30.47 million rials.
The hospitality sector in Oman showcased significant growth, with revenues of 3-5-star hotels hitting 24.75 million rials at the end of January 2024, a 17.1 percent increase from the same period in 2023. This rise is in tandem with the total number of hotel guests, which escalated by 20.5 percent, reaching 215,660 by the end of January 2024.
The occupancy rate in these hotels also saw a robust increase of 16.2 percent during the same period. Omanis constituted the majority of hotel guests, with a total of 75,219, reflecting the domestic interest in exploring the country's tourism offerings.
European guests accounted for a significant proportion of the international visitors, with their numbers increasing by 17.9 percent to 73,325. Guests from the Gulf Cooperation Council (GCC) countries also saw an uptick of 10.5 percent, summing up to 11,961, while American guests reached 7,231.
The comprehensive data presented by the NCSI underscores the progressive strides in Oman's banking and hospitality sectors, highlighting a positive trajectory in economic indicators as it moves forward into 2024.
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