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Repo Rate for Local Banks Decreases by 25 Basis PointsMuscat, 29 Oct (ONA) — The Central Bank of Oman (CBO) has decreased its Repurchase Agreement rate (repo) for local banks, effective from tomorrow “Thursday”, by 25 basis points (0.25%) to 4.50%.The CBO’s monetary policy aims at maintaining its fixed exchange rate, which is aligned with the structure and nature of the Omani economy.There are several advantages derived from this policy for the economy of the Sultanate of Oman, among which are Stability of the domestic currency, Avoidance of irregular capital movements across borders, enhancing investors’ confidence in the Omani economy by removing exchange rate risk, and stimulating economic activities by lowering the domestic cost of funding.On these lines, the rate cut is expected to give a boost to economic activity by reducing financing costs. Consequently, we can expect to see increased investment and consumption levels.— Ends/AH
