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Oman's money supply surges
Real estate news By Gulf Daily News
Sunday 23rd September 2007
Oman's money supply, an indicator of future inflation, rose more than 30 per cent in July for the second straight month, the central bank said. M2 money supply climbed 31.17pc to 5.16 billion rials ($13.41bn) in the year to July, according to data published on the Oman Central Bank website.
Money supply hit 5.24bn rials in June, up 31.7pc, the highest annual increase in money supply since at least December 2005. Inflation in Oman accelerated to 5.98pc in July, its fastest pace this year, as food costs and rents jumped.
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. Foreign assets, including gold, held by the central bank climbed 34.8pc to 2.52bn rials in July from the same month a year earlier. Foreign assets rose 44.3pc in June to 2.66bn rials.
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