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Thu 9 Jul 2009 03:32 PM

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Oman May money supply growth slows to 4-year low

Central bank foreign assets and gold holdings posted a month-on-month decline in Oman.

Oman May money supply growth slows to 4-year low
MONEY SUPPLY: Money supply rose 1.82 percent from April.(Getty Images)

Omani money supply growth slowed for a seventh month to 10.5 percent in May, its lowest level in four years, while central bank foreign assets and gold holdings posted a month-on-month decline, official data showed.Money supply measured as M2 stood at 7.72 billion rials ($20.05 billion) on May 31, compared with 6.98 billion rials a year earlier, the Ministry of Economy said in a monthly bulletin on its website.

That marked the slowest pace of annual money supply growth since May 2005.

Money supply rose 1.82 percent from April.

The central bank's foreign assets and gold holdings eased 0.63 percent in May from the previous month to 4.37 billion rials, although this was still up 10.1 percent from the year earlier, according to the data.

Total credit of Oman's commercial banks edged up 0.47 percent month-on-month to 9.52 billion rials in May.

The annual inflation rate of 3.9 percent in May, the lowest level in 31 months, was mainly driven by food and rental prices.

Food, beverage and tobacco prices were up nearly seven percent on the year, the data showed, while the rent, electricity, water and fuel index was up 10.5 percent in May from the year-earlier period. (Reuters)

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