Certificates of deposit (CDs issue No.787) tender was held at the Central Bank of Oman (CBO) this week. The total amount allotted was RO217 million.
A bulletin issued by the CBO stated that the average interest rate of these certificates was 0.07 per cent, while the maximum accepted interest rate was 0.08 per cent. The tenor of these certificates is 28 days. The maturity date is November 7.
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 from October 10 to 16 is one per cent.
Times Of Oman