At the end of June 2011, private deposits at commercial banks in the Oman Sultanate rose by 6.2% to 7.3817 billion riyals compared to 6.9522 billion riyals in the same period in 2010, reported the Central Bank of Oman (CBO).
The monthly statistical report issued by the Central Bank said that by the end of June, people deposited 2.6022 billion riyals in checking deposits and 2.3933 billion riyals in saving deposits.
The bulletin pointed out that the total value of the deposits includes 6.8368 billion riyals and 544.9 million riyals in foreign currencies.
The percentage of foreign currency deposits to total deposits reached 15.6%, whilst the proportion of foreign assets to total assets was 10.6%. The rate of foreign liabilities stood at 9.1%, with commercial demand deposits at 30.8% of the total. Capital and reserves made up 18.2%.
The average interest rate for certificates of deposits is 0.03%, while the maximum accepted interest rate was 0.04%. The certificates mature in 28 days.
The certificates of deposit issued by the Central Bank of Oman are the only financial tool aimed at absorbing excess liquidity in the banking sector, and to maintain interest rate stability in the financial market. (Source: www.yallafinance.com )