Oman cuts interest rates by 1%

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.

Related:
Join the Discussion

Disclaimer:The view expressed here by our readers are not necessarily shared by Arabian Business, its employees, sponsors or its advertisers.

Please post responsibly. Commenter Rules

  • No comments yet, be the first!

All comments are subject to approval before appearing

Further reading

Features & Analysis
Are the troubles easing for Saudi construction giant Binladin?

Are the troubles easing for Saudi construction giant Binladin?

Gulf kingdom's biggest builder appears to have pulled back from...

Statistics fog raises risk as cheap oil hits Gulf

Statistics fog raises risk as cheap oil hits Gulf

Sharp revision of economic data in Saudi Arabia suggests its...

Why banking in the Gulf will never be the same again

Why banking in the Gulf will never be the same again

New technologies are emerging in banking and finance at a rapid...

Most Popular
Most Discussed
sponsoredTracking