Banking credit of commercial banks in Oman rises 8.6 per cent

Muscat: Banking credit of commercial banks in Oman during the first half of 2016 stood at OMR19.34 billion compared to OMR17.82 billion during the same period in 2015, registering a growth by 8.6 per cent.
The quarterly statistical bulletin issued by the Research and Statistics Department at the Central Bank of Oman (CBO) pointed out that the personal loans received OMR7,680.9 million or 39.7 per cent of the total banking credit during the first six months of 2016 compared to OMR2,108.9 million or 10.9 per cent for the construction sector, OMR1,548.5 million or 8 per cent for the industry sector, OMR1,529.1 million or 7.9 per cent for the services sector.
The bulletin pointed out that the import sector received OMR1,137.8 million or 5.9 per cent of the credit granted for the commercial banks during the first half of 2016. The financial institutions received OMR1,014.5 million or 5.2 per cent of the total credit in the same period.
The transport sector received OMR996 million or 5.1 per cent compared to OMR937.8 million or 4.8 per cent for the electricity, gas and water sector and OMR892.4 million or 4.6 per cent for the mining sector (mines and quarries).
The CBO quarterly statistical bulletin pointed out that the banking loans granted to wholesale and retail stood at OMR693.7 million or 3.6 per cent of the total credit followed by OMR55.4 million or 0.3 per cent for the agriculture sector and its associated activities. The government sector received OMR21.2 million or 0.1 per cent of the total credit for the banking sector followed by the export sector with OMR17.6 million or 0.3 per cent of the total loans for the economic sectors.
The bulletin also added that the commercial banks' total credit for the other economic activities during the first six months of 2016 stood at OMR530.8 million or 2.7 per cent. The banking credit for non-residents stood at OMR183.1 million or 0.9 per cent of the total banking credit.