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FINANCIAL NEWS
Oman’s bank interest rates grow
23 Jan 2017
(MENAFN) Bank interest rates in Oman have shown a substantial yearly grow among tough liquidity situation within the financial system.
Accordingly, the weighted average interest rate of deposits in Omani ryal increased from 0.904 percent to 1.443 percent in Nov 2015 and Nov 2016.
Recently, the Omani government raised extra funds from the local market by issuing development bonds and sovereign sukuk to ease its budget deficit.
Moreover, this year local borrowing is estimated to reach OMR400mn, while OMR2.1bn will be borrowed from overseas markets to meet the projected deficit of OMR3bn.
M
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