Muscat, May 22, 2024 – Oman’s total credit growth reached 0.8% in February 2024, marking an uptick from January's level of 0.5%, according to data released by national financial authorities. This update compares the credit activity of February to the same month a year ago, reflecting a year-over-year measurement of the credit market's dynamics.
The increase in total credit from January 2024 to February 2024 indicates a strengthening financial environment within the Sultanate as businesses and consumers possibly respond to favorable economic conditions. The data, which was updated on May 22, 2024, serves as an indicator of the ongoing changes in the lending and borrowing patterns in Oman.
January's comparative growth stood at 0.5% when assessed against the previous year, whereas February's 0.8% reflects a more robust credit performance year-over-year. This successive month's growth can likely be attributed to improving economic factors and increased confidence within the financial sector.
