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Oman raises bank reserve requirement

Muscat, June 10, 2008

Oman's central bank has raised the reserve requirement for the commercial banking sector to 8 per cent from 5 per cent, Oman's state news agency said.  

The rise is the third in almost a year. Oman tightened bank lending restrictions in December to prevent lower borrowing costs from fuelling inflation.

Inflation in Oman accelerated to 11.56 percent in March, its highest level in 18 years, government data released in May showed.

Dollar pegs force central banks in the world's biggest oil-exporting region to track US monetary policy to maintain the relative value of their currencies.




Tags: Oman | banking | Reserve Requirement |

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