OCCI debates banking sector’s role in streamlining investments
Published: 05:04 PM,Apr 04,2023 | EDITED : 09:04 PM,Apr 04,2023
Muscat: Oman Chamber of Commerce and Industry (OCCI) organised its first Ramadhan evening under the title ‘The importance of the banking sector in enhancing and facilitating investment through funding’, on Tuesday.
The forum aimed at introducing the role played by the Central Bank of Oman (CBO) as a regulator of the banking system and its importance in streamlining investment by providing funding. It also discussed challenges and drawbacks facing business people when they need to fund their investments.
Shaikh Faisal bin Abdullah al Rawas, Chairman of OCCI, said, “The OCCI’s first Ramadhan evening aimed to debate the importance of the banking sector and its role in boosting the national economy. During the dialogue session, many initiatives of the Central Bank of Oman were explained and we are sure that it will benefit the financial and private sectors especially with the introduction of new financial tools and digital payment technology which is widely used by the private sector. We are confident that the financial sector is strong and will continue to be strong.”
Speaking about the many challenges facing the private sector, the OCCI chairman said: “There are many challenges facing the private sector, the most important among them is the provision of liquidity and meeting the requirements set by some commercial banks. We are involved in discussions with the Central Bank of Oman as well as commercial banks to facilitate procedures and improve the business environment.”
Tahir bin Salim al Amri, Executive President of the Central Bank of Oman (CBO), said: “The evening aimed to explain all that may enable the private sector and listen to different opinions to identify applicable ideas. There are many future aspirations mostly based on technology and financial inclusion and ways of overcoming obstacles and challenges faced by the private sector particularly the small and medium enterprises SMEs. It also aimed to help SMEs to access financing in an easy and better manner.”
The CBO seeks to strike a balance between supply and demand for currency by avoiding an increase in currency in circulation to avoid higher inflation rates and a decrease in money supply to avoid restricting economic growth, the chairman of the CBO said, indicating that the most suitable type of monetary policy is determined according to the circumstances and the objectives of the monetary authority. He stressed that the expansionary monetary policy is applied during economic recession with the aim of stimulating the economy whereas deflationary monetary policy is seen in the event of inflationary pressures to control the prices.
The forum aimed at introducing the role played by the Central Bank of Oman (CBO) as a regulator of the banking system and its importance in streamlining investment by providing funding. It also discussed challenges and drawbacks facing business people when they need to fund their investments.
Shaikh Faisal bin Abdullah al Rawas, Chairman of OCCI, said, “The OCCI’s first Ramadhan evening aimed to debate the importance of the banking sector and its role in boosting the national economy. During the dialogue session, many initiatives of the Central Bank of Oman were explained and we are sure that it will benefit the financial and private sectors especially with the introduction of new financial tools and digital payment technology which is widely used by the private sector. We are confident that the financial sector is strong and will continue to be strong.”
Speaking about the many challenges facing the private sector, the OCCI chairman said: “There are many challenges facing the private sector, the most important among them is the provision of liquidity and meeting the requirements set by some commercial banks. We are involved in discussions with the Central Bank of Oman as well as commercial banks to facilitate procedures and improve the business environment.”
Tahir bin Salim al Amri, Executive President of the Central Bank of Oman (CBO), said: “The evening aimed to explain all that may enable the private sector and listen to different opinions to identify applicable ideas. There are many future aspirations mostly based on technology and financial inclusion and ways of overcoming obstacles and challenges faced by the private sector particularly the small and medium enterprises SMEs. It also aimed to help SMEs to access financing in an easy and better manner.”
The CBO seeks to strike a balance between supply and demand for currency by avoiding an increase in currency in circulation to avoid higher inflation rates and a decrease in money supply to avoid restricting economic growth, the chairman of the CBO said, indicating that the most suitable type of monetary policy is determined according to the circumstances and the objectives of the monetary authority. He stressed that the expansionary monetary policy is applied during economic recession with the aim of stimulating the economy whereas deflationary monetary policy is seen in the event of inflationary pressures to control the prices.