March 19, 2020 / 9:33 AM / 21 days ago

BRIEF-Central Bank Of Oman Takes Measures to Support Banks, FLCs

March 19 (Reuters) - CENTRAL BANK OF OMAN:

* POLICY MEASURES TO SUPPORT BANKS AND FINANCING LEASING COMPANIES (FLCs)

* TO LOWER CAPITAL CONSERVATION BUFFERS (CCB)BY 50% FROM 2.5% TO 1.25%

* TO INCREASE LENDING RATION/FINANCING RATIO BY 5% FROM 87.5% TO 92.5% AND TO UTILIZE THE ADDITIONAL SCOPE PROVIDED FOR LENDING/FINANCING TO PRODUCTIVE SECTOR OF THE ECONOMY INCLUDING HEALTHCARE SERVICES

* TO ACCEPT REQUESTS FOR DEFERMENT OF LOAN INSTALMENTS/ INTEREST/ PROFIT FOR AFFECTED BORROWERS PARTICULARLY SMES WITH IMMEDIATE EFFECT FOR THE COMING 6 MONTHS WITHOUT ADVERSELY IMPACTING THE RISK CLASSIFICATION OF SUCH LOANS

* DEFERRING THE RISK CLASSIFICATION OF LOANS PERTAINING TO GOVERNMENT PROJECTS FOR THE PERIOD OF 6 MONTHS. THIS, IN REFERENCE TO CBO CIRCULARS THAT WERE ISSUED EARLIER

* TO CONSIDER REDUCING EXISTING FEES RELATED TO VARIOUS BANKING SERVICES AND TO ABSTAIN FROM INTRODUCING NEW ONES DURING YEAR 2020

* REDUCTION OF THE INTEREST RATE ON REPO OPERATIONS BY 75 BASIS POINTS TO 0.50%, AND INCREASE IN THE TENOR OF REPO OPERATIONS UP TO A MAXIMUM PERIOD OF 3 MONTHS

* REDUCTION OF THE INTEREST RATE ON DISCOUNTING OF GOVERNMENT TREASURY BILLS BY 100 BASIS POINTS TO 1.00%

* REDUCTION OF THE INTEREST RATE ON FOREIGN CURRENCY SWAP OPERATIONS BY 50 BASIS POINTS, AND INCREASE IN THE TENOR OF SWAP FACILITY UP TO A MAXIMUM PERIOD OF 6 MONTHS

* REDUCTION OF THE INTEREST RATE ON REDISCOUNTING OF A BILL OF EXCHANGE AND PROMISSORY NOTE (WITH 2 SIGNATURES), BY 100 BASIS POINTS TO 3.00%

* REDUCTION OF THE INTEREST RATE ON REDISCOUNTING OF A PROMISSORY NOTE WITH ACCEPTABLE GUARANTEE, BY 100 BASIS POINTS TO 3.25%

* REDUCTION OF THE INTEREST RATE ON REDISCOUNTING OF A PROMISSORY NOTE ACCOMPANIED BY TRUST RECEIPT, BY 125 BASIS POINTS TO 3.50% Source: (bit.ly/3aesuPH)

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