Bank Muscat will issue 250 million rials ($649.7 million) in certificates of deposit (CDs)through an auction in a move supported by the nation’s central bank to encourage saving, the bank said yesterday.

The auction is the first of its kind in Oman, where CD auctions are reserved for the central bank will be open to local and foreign investors, Bank Muscat Chief Executive Abdulrazak Ali Issa said at a news conference.

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Posted: 08|28|08 at 8:34 am. Filed under: Auction News.