Muscat : Certificates of deposit (CDs) tender was held at the Central Bank of Oman (CBO) this week. The total amount allotted for issue No. 850 was OMR377 million . A bulletin issued by the CBO stated that the average interest rate of these certificates was 0.13 per cent whilst the maximum accepted interest rate was 0.13 per cent. The tenor of these certificates is 28 days, so their maturity date is on February 12 . The certificates of deposit issued to licenced 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 January 15 till 21 is one per cent.
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