Muscat, November 02 (QNA) - After the recent announcement by the US Fed to hold off on its interest rate hike, the Central Bank of Oman (CBO) decided to maintain its repo rate for local banks at 6.00%, said the CBO in its statement.

The CBO stated that its monetary policy target is to sustain and maintain its fixed exchange rate. This policy aligns with the structure and nature of the Omani economy, the central bank added.

"There are several advantages for Oman derived from this policy, including ensuring the stability of the Omani rial, mitigating capital outflow, and promoting certainty among investors by removing exchange rate risk," said the sultanate's central bank.

(QNA)