Central Bank of Oman (CBO) issued Certificates of deposit. The total amount allotted for issue No. 905 was Omani Riyal (RO) 470 million this week.
The bulletin issued by the CBO stated that the average interest rate of these certificates was 0.13% whilst the maximum accepted interest rate was 0.13%. The tenor of these certificates is 28 days, so their maturity date is on March 18th.
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 February 18th till 24th is 1%.