ICEC

Central Bank of Oman launches 28-day Certificates of Deposit

Central Bank of Oman (CBO) held certificates of deposit (Issue No 762) tender. The total amount allocated was RO 305 million. A bulletin issued by the CBO stated that the average interest rate of these certificates was 0.09 per cent while the maximum accepted interest rate was 0.09 per cent. The tenor of these certificates is 28 days and their maturity date is on May 2.

 The Repo rate during April 4 to 10 is 1 per cent. The certificates of deposit issued to licensed banks by the CBO as a monetary policy instrument are aimed at absorbing excess liquidity at the banking sector in particular and maintaining stability of the interest rate and the money market in general, Oman Observer reported.

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