Omani Central Bank Issues RO 211 Mln CDs

Certificates of deposit (Issue No 773) tender was held at the Central Bank of Oman (CBO) last week. The total amount allotted was RO 211 million.

A bulletin issued by the CBO stated that the average interest rate of these certificates was 0.08 per cent while the maximum accepted interest rate was (0.08 per cent).

The tenor of these certificates is 28 days and the maturity date is on July 18. The certificates of deposit issued to licensed banks by the CBO as a monetary policy instrument aimed at absorbing excess liquidity at the banking sector in particular and maintaining stability of the interest rate and the money market in general. The Repo rate during June 20 to 26 is 1 per cent, Oman Daily Observer reported.