MUSCAT: Executive President of Central Bank of Oman said that bank is expected to raise 10 percent in growth.
“We will see a double digit growth rate in the balance sheet of banks in both credit and deposit,” Hamoud Sangour Al Zadjali said in a statement.
Oman’s total bank credit grew 11.3 per cent to OMR16.90 billion by the end of 2014 from OMR15.18 billion for the same period of 2013.
Al Zadjali expects the interest rates in the local market to marginally increase towards the end of the year, if the United States Federal Reserve raises dollar rates.
The Federal Reserve may raise dollar rates towards the end of the year, which will prompt local institutions to follow the trend.
“I do not expect a very high increase in interest rate. It might be a gradual one,” added the CBO chief.
He also noted that the present interest rates in Oman are on the lower side, which is helpful for economic development and diversification of the economy.
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