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Loans at lower interest rates spur inflation in Oman
(MENAFN) Lower interest rates in Oman personal loans will strengthen market prices and fuel inflation.
However, all leading banks decreased their interest rates from almost 6.5 percent to as low as 3.9 percent yearly in the past nine months to improve their credit portfolio.
Traders will get a temporary increase because consumers can get cheap credit to buy what they need, and it is good for businesses as well as buyers.
"Offering cheap loans pose a danger to consumers who might default repayments and cause hardship to them," said Oman International Bank's retail banker.
However, all leading banks decreased their interest rates from almost 6.5 percent to as low as 3.9 percent yearly in the past nine months to improve their credit portfolio.
Traders will get a temporary increase because consumers can get cheap credit to buy what they need, and it is good for businesses as well as buyers.
"Offering cheap loans pose a danger to consumers who might default repayments and cause hardship to them," said Oman International Bank's retail banker.
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