Oman issues 385 million riyals worth of certificates of deposit

Oman has issued certificates of deposit worth 385 million riyals, the country's central bank said. The central bank said in a press release on Friday that the average interest rate of these certificates was 0.03 percent, and the maximum accepted interest rate was 0.03 percent. The tenor of these certificates is 28 days. Their maturity date is July 20. Ripo rate betwen June 22 and June 28 was two percent. The certificates of deposit issued to the licensed banks by the Central Bank of Oman as a monetary policy instrument are aimed at absorbing excess liquidity at the banking sector in particular and maintaining stability of the interest rate and the money market in general.