Central Bank of Oman to withdraw this saving deposit scheme

Muscat: The Central Bank decided to withdraw the 'Prize Scheme Linked Saving Deposit Schemes' with effect from 2022.

The Central Bank said in a circular issued on Thursday: "The Central Bank of Oman, after careful consideration and keeping in view, amongst others, the overall interests of the banking system and ensure enhanced effectiveness of the monetary policies, has decided to withdraw the 'Prize Scheme Linked Saving Deposit Schemes' with effect from January 1, 2022."

Banks, in the interregnum, are advised to develop appropriate savings deposit schemes and fine-tune their fund management strategies to ensure payment of reasonable rates of interests or profit to depositors, without raising the lending rates.