WHEREAS Oman Central Bank Circular No. BM150/1978 dated February 7th 1978 specifies the rates of interest to be paid on deposits by banks in the Sultanate,

AND WHEREAS Article 5 of the said Oman Central Bank Circular No. BM150/1978 provides that “Quasi Government Organizations do not form part of Government for the purpose (of the Circular).

It has now been decided as follows:

1. Licensed banks may pay interest on current accounts of the Government, or of the quasi-government organizations.

2. For the purpose of this Circular, a quasi-government organization is hereby defined as any institution, Company, or entity in which the Government of the Sultanate or any Ministry or Department of the Government owns at least 51% of the shares.

3. Article 5 of Oman Central Bank Circular No. BM150/1978 is hereby amended accordingly.

4. This Circular shall become effective as of 1st April 1982.