Oman cuts interest rates by 1%

Central Bank's rate for new personal loans reduced from 7% to 6%

Customers seeking personal loans in Oman have been given a boost with the Central Bank on Wednesday reducing the ceiling on interest rates for new personal loans from 7 per cent to 6 per cent, it was reported. The CBO said the decision, which is part of a regular review of interest rates on personal loans, was an attempt to alleviate the financial burdens of borrowers, the Times of Oman reported.

It added that it reflected the local and international economic and financial indicators, took into consideration the prevailing interest rates in global markets.

The CBO also said in its statement that it realised the importance of personal loans for its citizens and residents in meeting their basic and modern life needs and understood that such loans served as drivers of the local economy and business activities in the local market.

Enhancing business activity will create more job opportunities in the private sector, the statement said. It hoped to also encourage saving, improve production, mobilise resources and ensure price level stability.

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