11.23 AM Monday, 22 April 2024
  • City Fajr Shuruq Duhr Asr Magrib Isha
  • Dubai 04:29 05:47 12:20 15:47 18:48 20:06
22 April 2024

Oman lowers repo and CD rates after Fed cut

By Agencies


The central bank of Oman, which pegs its rial to the dollar, lowered its repurchase rate by 18 basis points and cut the yield on certificates of deposit in its first auction after a Federal Reserve interest rate cut last week.

Oman, which sets monetary policy at a weekly auction of CDs, set the repurchase rate at 4.14 per cent effective February 6, down from 4.32 per cent a week earlier, central bank data showed.

It also set the cut-off rate for 28-day certificates of deposit at 1.02 per cent at an auction on Wednesday, compared with 1.14 per cent the previous week, the data showed.

The US Federal Reserve cut interest rates by 50 basis points last Wednesday, its second rate cut this year. (Reuters)