Central Bank of Oman issues CDs worth OMR408m

A tender for certificates of deposit (CDs) was held at the Central Bank of Oman (CBO) this week, as the total amount allotted for issue No. 807 was OMR408 million. A bulletin issued by the CBO stated that the average interest rate for these certificates was 0.12 per cent, though the maximum accepted interest rate was 0.13 per cent. The length of these certificates is 28 days, with their maturity date set for April 3. The certificates of deposit issued by the CBO seek to absorb excess liquidity in the banking sector, in particular, while maintaining stability of interest rates and money markets. Also, the repo rate set from March 6 to 12 is 1 per cent.