Oman rolls out Dh76.4bn incentives package to offset economic impact of coronavirus – The National

Oman rolls out Dh76.4bn incentives package to offset economic impact of coronavirus – The National

Oman rolls out Dh76.4bn incentives package to offset economic impact of coronavirus. The regulator cut the interest rate on short-term lending to banks and ordered lenders to cut fees, adjust their capital ratios and be flexible with repayments for up to six months. Oman's central bank is pushing out an 8 billion Omani riyal (Dh76.4bn) incentive package for financial institutions to ease the impact of the coronavirus on its economy.. The central bank also cut its repo rate by 75 basis points to 0.5 per cent and ordered banks to cut fees, adjust their capital and credit ratios and be flexible with repayments for up to six months, especially for small and medium-sized businesses.. The repo rate is the rate of at which the central bank lends money to banks.. Oman joins the UAE and Saudi Arabia in introducing economic stimulus packages amid global efforts to fight the impact of the virus that has roiled markets and disrupted trade, supply chains, travel and tourism.. The central bank is raising the lending rate by 5 per cent to 92.5 per cent and reducing the capital requirement to 1.25 per cent from 2.5 per cent.. It also directed financial institutions to be