The Central Bank of Oman (CBO) held on Thursday, June 2, 2022 the Annual Bankers' Meeting, chaired by Tahir bin Salim al Amri, CBO's Executive President. Taking part were a number of CEOs and senior officials of banks operating in the Sultanate of Oman.
Al Amri commenced the meeting by commending the performance of the banking sector during the Covid-19 pandemic and its prominent role in supporting various economic sectors facing the effects and consequences of the pandemic. He praised the licensed banks' commitment to implement the instructions and circulars issued by CBO in this regard.
The Executive President reaffirmed CBO's role in following-up the banks' efforts to raise the awareness of consumers on financial services and protecting their rights. He stated that there was a need to adhere to the principles of responsible lending in terms of transparency, justice, clarity, honesty and integrity in providing advice and guidance to customers, especially with lending that exceeds consumers' ability to repay. He also commended the banks' role in various areas of social responsibility.
Al Amri further enlightened the banking community on CBO's strategy and the importance of its conformity with the priorities and plans of the Sultanate of Oman, in a way that would enable it to play its aspired role to contribute to the priorities and goals through adopting best practices in the banking and financial sector. He explained the CBO's strategic objectives of achieving monetary stability and ensuring the stability and soundness of banking institutions in the Sultanate of Oman, in order to enhance the confidence of the public and banking sector's stakeholders.
The Executive President stressed the importance of moving forward with the development, training and credentials of national capabilities in the Omani banking sector to further develop the services and products provided by the sector. He praised the development of financial technology in the sector during the past period, calling on banks to continue empowering companies and SMEs working in the sector.
The meeting also included a presentation on banking developments and macroeconomic indicators during the last period. The Oman Banks Association made a presentation on cashless society, discussing many issues related to the banking and financial sector in the Sultanate of Oman.
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