Muscat: The Ministry of Finance has reaffirmed that the Sultanate concluded with success the issuance of local sovereign bonds to the tune of RO 200 million within the context of the Government’s plan to fund the State’s general budget for 2020.

The Ministry said in a statement today that the bonds were listed on Muscat Securities Market (MSM) and that they are available for trading, carrying an annual profit rate of 5.25% for a period of 6 years.

The Ministry explained that the bonds issue paved the way for banks, local Islamic windows, business firms and individual investors to utilize their funds in a smooth manner. It is considered a step to develop Islamic banking and local financial instruments, said the Ministry, noting that the execution of this bonds issue comes within the framework of a program of local sovereign bonds made available by means of a mechanism of preferential pricing and competitive bidding. –ONA