Muscat: The excitement is palpable as Oman joins the Gulf Youth Games, a platform that promises thrilling sports action and opportunities for The Central Bank of Oman has revealed key details regarding the public subscription and auction for the 70th issue of government development bonds, with subscriptions set to open on Sunday and close on April 21, 2024. The auction itself will take place on Tuesday, April 23, 2024.

These bonds, initially worth RO 75 million, have a two-year maturity period and an annual interest rate of 4.85 per cent. Investors can expect interest payments twice a year, on October 25 and April 25, until the bonds’ maturity date, April 25, 2026.

Investors from all backgrounds and nationalities are encouraged to participate, with the option for non-banking institutions and individuals to submit bids of RO 1 million or more, provided they are certified by commercial banks. The bonds are guaranteed directly by the Omani government, offering a secure investment avenue.

The Central Bank of Oman has also highlighted the flexibility of these bonds, allowing for borrowing against their guarantee from licensed local banks and trading them on the Muscat Stock Exchange at prevailing market rates.

Interested investors can submit their bids through commercial banks in Oman during the subscription period. The Muscat Clearing and Depository Company will manage and maintain the bond registry, ensuring transparency and accountability for all subscribers.