Central Bank Cuts Interest Ceiling On Personal Loans


News: The Central Bank of Oman has decreased the ceiling on interest rates that commercial banks are allowed to charge on new personal loans to 6% from 7%. The move is aimed at easing the financial burden on borrowers in the country. Commercial banks charged local currency borrowers an average 5.464% in July. 'This decrease comes as part of a regular review that the bank does on personal loan rates through the continuous analysis and statistics of the sector indicators,' reported ONA, citing the central bank board (Reuters). Meanwhile, the annual growth in bank lending in the country rose to a four-month high of 8.1% in July.

This article is tagged to:
Sector: Country Risk
Geography: Oman