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 Exchange rate |    25 April, 2017

 

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Review of Monetary and Banking Developments

Review of Monetary and Banking Developments

Exchange Rate

The end of period exchange rate increased slightly from 199.74 Rials per US Dollar at the end of May 2008 to 199.79 Rials per US Dollar at the end of June 2008,a percentage increase of 0.03%. The average exchange rate during June 2008 was 199.75 Rials per US Dollar.

 

Money Supply

Money supply increased from 1629.5 billion Rials at the end of May 2008 to 1646.6 billion Rials at the end of June 2008, an increase of 17.1 billion Rials or 1.05% compared with an increase of 53.2 billion Rials or 3.37% during May 2008. Money supply at the end of June 2007 was 1410.7 billion Rials.

Net foreign assets of the banking system amounted to 1842.0 billion Rials at the end of June 2008 compared with 1783.6 billion Rials at the end of May 2008, an increase of 58.4 billion Rials or 3.3%. Net foreign assets of the banking system were 1684.7 billion Rials at the end of June 2007.

Net claims on government amounted to -81.3 billion Rials at the end of June 2008 compared with an amount of -60.8 billion Rials at the end of the previous month. Net claims on government were -84.9 billion Rials at the end of June 2007.

Claims on non-government sector increased from 478.7 billion Rials at the end of May 2008 to 485.6 billion Rials at the end of June 2008, an increase of 6.9 billion Rials or 1.4%. Claims on non-government sector were 325.3 billion at the end of June 2007.

Balance Sheet of Central Bank

Total balance sheet of Central Bank showed an increase of 46.3 billion Rials or 2.7% amounting to 1753.8 billion Rials at the end of June 2008 compared with an increase of 2.9% during the previous month. Total balance sheet was 1547.5 billion Rials at the end of June 2007.

Foreign assets of the Central Bank at the end of June 2008 amounted to 1652.9 billion Rials (dollar value 8273.5 million US Dollars) covering 12.1 months of imports compared with 1609.0 billion Rials (dollar value 8056.5 million US Dollars) covering 11.8 months of imports at the end of May 2008. Foreign assets of the Central Bank at the end of June 2007 were 1505.9 billion Rials (dollar value 7564.1 million US Dollars).

Currency issued amounted to 416.7 billion Rials at the end of June 2008 compared with 418.4 billion Rials at the end of May 2008, a decrease of 1.7 billion Rials.

Treasury Bills

The weighted average yield of treasury bills during June 2008 auctions amounted to:

For three months 15.20% per annum compared with 14.99% per annum during May 2008.

For six months 15.04% per annum compared with 14.94% per annum during May 2008.

For one year 15.04% per annum compared with 14.98% per annum during May 2008.

Clearing Room

Total number of Rial checks transacted in the clearing rooms amounted to 60.4 thousand checks valued at 141.3 billion Rials during June 2008 against 59.3 thousand checks valued at 143.2 billion Rials during May 2008, an increase of 1.7% in number of checks and a decrease of 1.3% in their value.

Crude Oil

Crude oil exports (government share) during January-June 2008 amounted to 23.75 million barrels with a total value of 2660.52 million US Dollars (at average price of US$112.0 /barrel) compared with 20.1 million barrels valued at 1246.9 million US Dollars (at average price of US$62.0/barrel) during January -June 2007, an increase of 18.2% in quantity and 113.4% in value.

Consolidated Balance Sheet of Commercial and Islamic Banks*

The total of the consolidated balance sheet of the commercial and Islamic banks showed an increase of 20.4 billion Rials or 1.48% amounting to 1394.5 billion Rials during June 2008 compared with an increase of 29.6 billion Rials or 2.21% during May 2008. The total of the consolidated balance sheet of the commercial and Islamic banks was 1150.5 billion Rials at the end of June 2007.

Foreign assets of banks amounted to 277.9 billion Rials (dollar value of 1391.2 million US Dollars) at the end of June 2008 compared with 258.8 billion Rials (dollar value of 1295.8 million US Dollars) at the end of May 2008, an increase of 19.1 billion Rials or 7.4%. Foreign assets of commercial and Islamic banks at the end of June 2007 were 273.5 billion Rials.

Total reserves of banks at the end of June 2008 decreased by 17.7 billion Rials or 9.3% to 171.5 billion Rials compared with 189.2 billion Rials at the end of the previous month. Certificates of deposits amounted to 138.3 billion Rials at the end of June 2008.

Total credits and loans granted by commercial and Islamic banks to the private sector amounted to 421.2 billion Rials at the end of June 2008 compared with an amount of 414.8 billion Rials at the end of May 2008. Treasury bills amounted to 304.9 billion Rials at the end of June 2008 compared with 309.0 billion at the end of May 2008.

Total deposits with banks increased by 1.35% from 1108.4 billion Rials at the end of May 2008 to 1123.4 billion Rials at the end of June 2008.

 

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