To: All Licensed Banks operating in the Sultanate of Oman

Sub: Deposits in Foreign Currencies with the Central Bank

The Central Bank of Oman has in place, since March 19, 1979, a foreign currency deposit facility for licensed banks. This Master Circular consolidates the currently applicable instructions and replaces all the preceding Circulars/Instructions on the deposit facility.

The Central Bank of Oman will accept deposits in foreign currencies from the Licensed Banks in Oman on the following terms and conditions.

1. Currencies

   Deposits will be accepted in U.S. dollar, Euro and Pound Sterling.

2. Amounts

   The minimum acceptable amount will be one million units of respective currencies (i.e., US $ 1 million, Euro 1 million and ₤ Sterling 1 million).

3. Tenor

   The deposits will be accepted for a minimum duration of one day to the maximum of one year.

4. Interest Rate

   The interest rates shall be in conformity with those prevailing in the international markets less a margin set by the Central Bank of Oman from time to time.

5. The Central Bank of Oman reserve right to reject any deposit without giving any reason thereof.