CBO reviews new draft law to boost Sultanate’s banking sector

Central bank of Oman building; oman banking sector review
(Image: Central Bank of Oman, Courtesy: CBO)

The Central Bank of Oman (CBO) Board of Governors met yesterday under the chairmanship of Sultan bin Salim al Habsi, Deputy Chairman, at CBO headquarters in Muttrah, according to Oman News Agency (ONA).

During the meeting, the board reviewed major economic, financial and monetary developments in the Sultanate during the third quarter of 2019 along with proposals aimed at enhancing the adequacy of CBO’s monetary policy. 

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The board is also said to have discussed and reviewed the new draft Banking Law, undergoing the process for legislative procedures. According to ONA, the new revised law will make sure that it is in sync with the changes and developments in the rapidly evolving banking sector.

The board also approved a number of internal policies and regulations concerning the operations of Oman Credit and Financial Information Centre, established under the Royal Decree No 38/2019, issued on May 12. The Centre has been set up to be a qualitative resource banking and financial institutions in Oman apart from helping boost the Ease of Doing Business Index in the country.

In addition, ONA said, the bank also reviewed the financial position of CBO as of August 31, 2019, and examined a report on CBO’s foreign investments performance. It also took stock of the activity reports of various CBO departments.

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