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A certificates of deposit (CDs) tender was held at the Central Bank of Oman (CBO) this week, with the total amount allotted for issue No. 828 pegged at OMR478 million.
A bulletin issued by the CBO stated that the average interest rate for these certificates was 0.13 per cent whilst the maximum accepted interest rate was 0.13 per cent. The tenure of these certificates is 28 days, and hence these will mature on August 28.
The certificates of deposit issued to licensed banks by the CBO as a monetary policy instrument are aimed at absorbing excess liquidity in the banking sector in particular and maintaining stability of the interest rate and the money market in general. The Repo rate during July 30 to August 6 is one per cent.
Times of Oman
