Oman money-supply growth hits three-year high

Published Monday, March 17, 2008

By Agencies

Oman's annual money supply, an indicator of future inflation, grew 40 per cent in January, its fastest pace in at least three years, the Ministry of National Economy said on Monday.

M2 hit $16.52 billion on January 31, compared with 4.54 billion rials a year earlier, the Ministry of National Economy said in its monthly bulletin on its website.

That is the biggest rise since at least December 2005.

Inflation accelerated for a seventh straight month to a 16-year high of 8.29 per cent in December, the latest available figure.

Oman, which pegs its rial to the dollar, relies heavily on imported food and has been hit by rising prices as the US dollar slides against major currencies. (Reuters)

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