Oman''s CBO Certificates of Deposit Tender Results

Certificates of deposit tender was held at the Central Bank of Oman (CBO) this week. The total amount allotted for issue No. 731 was RO. 173 million. CBO bulletin quoted by Oman news agency (ONA) stated that the average interest rate of these certificates was 0.03% while the maximum accepted interest rate was 0.04%. The tenor of these certificates is 28 days, so their maturity date is on September 14th. 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 August 17th to 23rd is 2%.