Certificates of deposit tender was held at the Central Bank of Oman (CBO) this week. The total amount allotted for issue No. 739 was RO. 251 million.
A bulletin issued by the CBO stated that the average interest rate of these certificates was 0.07% while the maximum accepted interest rate was 0.09%. The tenor of these certificates is 28 days, so their maturity date is on November 9th,2011.
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.