No change in interest rates

MUSCAT: The Central Bank of Oman (CBO) has stressed that commercial banks operating in the Sultanate are not allowed to charge interest rates set by the central bank. A central bank official said the interest rate is determined by the CBO depending on the market condition and there is a competition among commercial banks and Islamic windows and that is why the interest rate is kept below the 6 per cent ceiling.
He said the banks revise their interest rate cap for loans and financing depending on economic factors and thus decide to lower or hike the interest rate, but the banks should notify their customers two months in advance.