MUSCAT: Private sector deposits in Oman’s banking system have shown significant growth, increasing by 6% to reach RO 21.9 billion, according to the latest report from the Central Bank of Oman (CBO). This notable rise reflects growing confidence in the country’s financial sector, supported by stable monetary policies and robust liquidity management. The increase in deposits also underscores the resilience of Oman’s economy as businesses and individuals continue to prioritize savings and financial security in an evolving economic landscape.
A closer look at the sectoral distribution of these deposits reveals that individuals accounted for the largest share, representing 49.4% of the total. This dominance highlights the vital role of household savings in sustaining financial stability. Non-financial corporations followed with 31%, indicating a healthy level of corporate deposits, which is often linked to ongoing business activities, expansion projects, and investments across key sectors. Meanwhile, financial corporations contributed 17.4%, reflecting strong participation from the institutional side in supporting overall banking sector liquidity.
The remaining 2.2% of deposits came from other sectors, signaling diverse contributions beyond the core groups. This balanced distribution helps create a stable financial system that mitigates risks associated with overdependence on any single segment. Economists point out that the steady growth in deposits across various categories demonstrates the strength of Oman’s financial framework, which continues to prioritize sound governance and regulatory oversight.
Experts believe this upward trend is likely to continue as Oman pursues its Vision 2040 objectives, which emphasize economic diversification and private sector development. A growing deposit base not only strengthens banks’ ability to provide credit but also supports investment opportunities that can drive long-term economic growth. This trend reflects both confidence in the financial system and the broader economic outlook for the Sultanate, positioning Oman as a stable and attractive environment for investors and businesses alike.
