Omani Broad money increases by 13.2% in September 2012

Broad money (M2) increased by 13.2 per cent to RO10,742.1 million in September 2012 compared to RO9,493 million in September 2011. Narrow money (M1), comprising currency held by the public and local currency demand deposits, expanded by 9.3 per cent to RO3,567.1 million at the end of September 2012 on a year-on-year basis. Quasi money (comprising rial Omani savings and time deposits, certificates of deposit issued by commercial banks, margin deposits and foreign currency denominated deposits) increased by 15.2 per cent to RO7,175 million in September 2012 compared to RO6,228.4 million in the previous year. As regards the sources of broad money supply (M2), net foreign assets of the banking system (including CBO) increased by 17.2 per cent to RO6,208.7 million in September 2012 from RO5,299.6 million in September 2011, while domestic assets rose by 8.1 per cent to RO4,533.4 million from RO4,193.4 million during the same period.   Central Bank's policy rate for injection of liquidity, that is, repo rate, which remained unchanged at 2 per cent until February 2012, was reduced to 1 per cent beginning March 2012 and remained the same through September 2012 consistent with the Libor rate. Times Of Oman