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Oman Money Supply Growth Picks up Pace in October

DUBAI - Growth in Omani money supply picked up pace in October, rising 31.3 per cent as money held in savings and foreign currency deposits grew more quickly, central bank data showed.

Money supply, measured as M2, rose to 7.37 billion rials ($19.14 billion) at the end of October compared with 5.61 billion rials a year earlier, the central bank said in a monthly report on its website.

Growth in money supply, one indicator of future inflation, rose 30.3 per cent in September, the slowest pace in almost a year.

In October — quasi money, including funds held in time and savings deposits, margins and foreign currency deposits — rose 34.7 per cent to 5.23 billion rials, the data showed. Quasi money had grown 29.7 per cent in the prior month.

The central bank’s foreign assets and gold holdings stood at 4.04 billion rials on Oct. 31, up 33.2 per cent from a year earlier, the data showed. Oman’s central bank governor said this month inflation in the Gulf Arab state was likely to “moderate significantly” after almost doubling in the last year to record levels above 13 per cent.