CBO keeps its repo rate unchanged at 6%

Business Saturday 04/November/2023 18:15 PM
CBO keeps its repo rate unchanged at 6%

Muscat: The Central Bank of Oman (CBO) decided to keep its repo rate for local banks fixed at 6 per cent, after the US Federal Reserve decision to leave its key policy rate unchanged at the range of (5.25 per cent - 5.50 per cent).

The repo rate is the policy rate that allows commercial banks to acquire short term liquidity from the Central Bank as the lender of last resort.

This policy is aligned with the structure and nature of the Omani economy. There are a number of advantages for the Sultanate of Oman that are derived from this policy among which are stability of the Omani Rial, the mitigation of capital outflow and promoting certainty among investors by removing exchange rate risk.