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FINANCIAL NEWS
Oman central bank reduces interest rate
04 Oct 2013
(MENAFN) The Omani central bank reduced the highest interest rate commercial banks can ask for on new loans down from 7 percent to 6 percent, The Peninsula Qatar reported.
The decision came to relieve the burden on borrowers in Oman. “This decrease comes as part of a regular review that the bank does on personal loan rates through the continuous analysis and statistics of the sector indicators,” the central bank said.
The average rate charged by banks was 5.464 percent last July, registering the lowest rate since 2002.
Additionally, bank lending in the Sultanate increased 8.1 percent in July, but considerably below the 17.3 percent average in 2012.
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