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FINANCIAL NEWS
Oman’s personal loans grow by 9pct
13 Dec 2016
(MENAFN) Oman’s conventional banks have achieved an increase of 9 percent in personal loans or consumer loan portfolios, which reached OMR7.805.11mn.
Furthermore, the growth in personal loan was attributed to the tendency of more customers taking loan to produce extra funds to meet their high-value purchases.
In addition, the average local currency lending rate by the end of Sep 2016 reached 5.030 percent, against 4.762 percent in Dec-end 2015.
Accordingly, there is no move to increase interest rate ceiling of personal loan of commercial banks in Oman, despite a general growth in interest rates in the fiscal system.
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