Central Bank of Oman Raises Interest Rate on Repurchase Operations for Local Banks

The Central Bank of Oman announced today, Thursday, an increase in the interest rate on repurchase operations for local banks by 25 basis points, matching the increase approved by the U.S. Federal Reserve, bringing it to six percent. The bank clarified in a statement that this decision is in line with the monetary policy of the Central Bank of Oman, which aims to maintain the fixed exchange rate system of the Omani Rial, as well as the structure and nature of the Omani economy. Starting today, the Central Bank of Oman is increasing the interest rate on repurchase operations for local banks by the same amount approved by the U.S. Federal Reserve, which is 25 basis points, making it 6 percent, in alignment with the bank's monetary policy aimed at maintaining the fixed exchange rate system.