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Omani central bank changes rules on reserve against bank deposits

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Omani central bank changes rules on reserve against bank deposits

The CentralBank of Oman said March 30 that investments in Treasury bills,government development bonds and sukuk will be counted toward reserves againstdeposits for Omani lenders, up to a maximum of 2% of deposits, effective April1.

Omani banks are required to park 5% of their deposits at thecentral bank.

The regulator noted that inter-bank deposits of domesticlenders will be excluded, while all other deposits in local and foreigncurrencies, including certificates of deposits and commercial prepayments, willbe considered part of eligible reserves.

The move is aimed at easing liquidity pressures of thecountry's lenders, while facilitating investments in government debt andlending.