BankMuscat will issue RO250 million ($649.7 million) in certificates of deposit (CD) through an auction open to local and foreign investors in a move to develop the Omani debt market, the bank said on Wednesday.

On September 15, the bank will auction 1-, 3-, and 5-year certificates of deposit, the company said in a media release.

The CDs will be issued on September 17.  Certificates of deposit are usually issued by the Oman central bank, not the private sector.-Reuters