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Currency in circulation in Oman rises 7.6% in during the pandemic

Currency In Circulation Oman

Currency in circulation in the Sultanate of Oman has increased by 7.6% during the year of the outbreak of the Coronavirus pandemic,  2020.

Data issued by the National Center for Statistics and Information in the Sultanate of Oman showed that the amount of cash in circulation until the end of January 2021 amounted to OR1.721 billion.

The amount of currency during the same period last year reached one OR1.599 billion.

Currency in circulation: Oman

Money supply increased by 3.2%, to reach OR5.5321 billion, compared to OR5.3593 billion by the end of January 2020.

The local liquidity increased at the end of January 2021 by 9%, recording OR19.5337 billion, compared to OR17.9216 billion during the same period in 2020.

While the total foreign assets of the Central Bank of Oman amounted to OR6.9811 billion, an increase of 11% from the end of January 2020, in which foreign assets reached OR6.2919 billion.

Downturn

In a related context, IMF said that Oman’s economy recorded a contraction of 6.4% in 2020.

The fund attributed the reason for the contraction to the Coronavirus crisis and the low oil prices.

IMF stated that this contraction will be less than the 19% decline that the fund expected for Oman’s economy last year.

However, the blow to the Sultanate’s economy remains violent, as it is estimated that the non-oil GDP has contracted by 10%.

The construction, hospitality, wholesale and retail sectors suffered the most, according to the fund, while the Sultanate witnessed a slight contraction in prices due to the decline in demand.

The latest IMF report predicted a global contraction of 4.4% in 2020, which will be better than the June 2020 forecast, which said that the contraction is 5.2%.

However, IMF said it remains the worst economic crisis since the Great Depression of the 1930s.

Oman’s budget deficit widened to 17.3% of GDP and was financed by issuing foreign bonds, withdrawals from deposits and sovereign funds, and from privatization proceeds, the fund said.

IMF also stated that the Omani government debt rose to 81% of GDP, from 60% in 2019.

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