Certificates Of Deposit Tender Results

Certificates of deposit (Issue No 777) tender was held at the Central Bank of Oman (CBO) last week. The total amount allotted was RO 261 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 their maturity date is on August 15. 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 July 18 to 24 is 1 per cent.

Omanobserver