MoCIIP issues new resolution on commercial loans

Muscat: The Ministry of Commerce , Industry and Investment Promotion (MoCIIP), has issued Ministerial Resolution No. 473/2023 determining the return on obtaining a commercial loan or debt.

The decision came as follows :

Article One said that the return for obtaining a loan or commercial debt is set at six per cent unless agreed upon at less than that. The Minister of Commerce, Industry and Investment Promotion may - in each case separately - agree with the Oman Chamber of Commerce and Industry to exceed this percentage in the event that the duration of the loan is long, or its purpose is related to projects that contribute to achieving economic development, or the degree of risk is high.

Article Two: The provisions of Article One of this decision do not apply to loans provided by banks and finance companies, and leasing assets licensed by the Central Bank of Oman.

Article Three stated that this decision shall be published in the Official Gazette, and shall be effective from September 3, 2023 until September 4, 2024 .