The Central Bank of Oman raises interest rates by 50 basis points to 5%

Muscat on December 15th

The Central Bank of Oman announced an increase in the interest rate on repurchase operations for local banks, starting today, by the same amount as the increase approved by the US Federal Reserve, which is 50 basis points, to become 5%.

The bank said in a statement today that this comes in line with the monetary policy, which aims to maintain the fixed exchange rate system for the Omani riyal and with the structure and nature of the Omani economy. Confidence among investors by removing the risk of exchange rate fluctuations.
The Central Bank of Oman urged licensed banks not to increase the cost of lending to consumers given the abundance of liquidity in the banking system.