MUSCAT : The Central Bank of Oman has decided to keep the interest rate on repurchase operations for local banks unchanged at 5.75%, following the US Federal Reserve’s decision to fix interest rates unchanged at a range between 5% and 5.25%.

In a statement issued on their official website, the Central Bank of Oman stated that this comes in line with the monetary policy of the bank, which aims to maintain the fixed exchange rate system for the Omani Riyal within the structure and nature of the Omani economy. Furthermore, CBO’s statement adds that this will be advantageous for the Sultanate for a number of reasons, like the stability of the Omani Riyal, limiting abroad migration of capital, and encouraging foreign investment without the risk of fluctuating exchange rates.

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