CBO meeting reviews economic situation

MUSCAT: The Central Bank of Oman’s Board of Governors held its second meeting of the year on Tuesday. The meeting was chaired by Sultan bin Salim al Habsi, Deputy Chairman of CBO’s Board of Governors.
The Board reviewed the Central Bank report on the Sultanate’s financial and economic position in the light of local and international developments and continued decline in oil prices.
The Board also reviewed the recommendation included in the report of the International Monetary Fund and World Bank mission on Financial Sector Assessment Program (FSAP) and directed CBO executive management to follow up the implementation of the recommendations as far as possible.
The Board of Governors also reiterated its commitment to the current exchange rate regime whereby the Rial Omani is pegged to the US dollar and this is due to the realised benefits to the Omani economy in terms of price stability, promoting economic growth as well as foreign direct investment in addition to stable interaction with the global economy.
In addition, the board reviewed the CBO’s financial position as end of August 2017, as well as the report related to the performance of CBO’s external investments.
The Board also reviewed in the meeting the actions taken by the Central Bank of Oman and licensed banks operating in Oman with regard to the financing of small and medium enterprises.
Further, the Board deliberated other issues related to the financial and administrative matters of CBO including the annual budget of the College of Banking and Financial Studies (CBFS) for 2017-2018 and has taken necessary decisions.