Financial and Banking News
Oman Cuts Interest Rates
The Central Bank of Oman has announced a cut in interest rates paid by commercial banks for non-government deposits and for all local currency loans. Rates for non-government deposits have been cut from 9.5% to 8.5%, while the ceiling on local currency lending is reduced from 11.5% to 10.5%. For loans in foreign currencies, the Central Bank of Oman has also imposed a ceiling of 1.5% over Libor.