Certificates of deposit (CDs) tender was held at the Central Bank of Oman (CBO) this week. The total amount allotted for issue No. 878 was OMR730 million.
The bulletin issued by the CBO stated that the average interest rate of these certificates was 0.12 per cent whilst the maximum accepted interest rate was 0.13 per cent. The tenor of these certificates is 28 days. The maturity date is September 3.
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 August 6 to 12 is 1 per cent.