Bank interest rates in Oman rise on tight liquidity
Oman's bank interest rates have shown a substantial year-on-year increase due to the tight liquidity situation in the financial system. According to the latest monthly statistics released by the Central Bank of Oman, the weighted average interest rate of rial Omani deposits increased to 1.582% in January 2017 from 0.948% during the same period last year. Also, the weighted average rial Omani lending rate increased to 5.104%, from 4.760% during the period under review. The tight liquidity situation is also reflected in the short-term money market. For example, the overnight rial Omani domestic inter-bank lending rate increased to 0.370% in January 2017, from 0.271% one year ago.
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