CBO board meeting hails banking sector

MUSCAT: The Central Bank of Oman’s (CBO) Board of Governors on Monday held its second meeting of this year. The meeting was chaired by Sultan bin Salim al Habsi, Deputy Chairman of CBO’s Board of Governors. The Board appreciated the sincere efforts that have been exerted by all the concerned authorities and the citizens to mitigate the effects of the Cyclone Mekunu. The Board applauded the infrastructure efficiency of the banking sector, represented by the CBO, Salalah Branch and the branches of licensed banks operating in the governorates of Dhofar and Al Wusta, where they continued to provide all services that citizens and residents required in the affected areas.
The Board urged the Executive Management of the CBO to intensify efforts to ensure availability of financial services and to improve the financial sector infrastructure as well as ensuring that it is capable to withstand severe weather conditions. The Board reviewed the CBO’s report on the Sultanate’s financial and economic position in the light of local and international developments. The Board also assessed the recommendation included in the report of the International Monetary Fund and World Bank mission on the Financial Sector Assessment Programme (FSAP) and directed CBO’s Executive Management to follow up the implementation of the recommendations as far as possible in line with the economic and financial situation of the Sultanate.
The Board evaluated the action taken by the CBO and licensed banks operating in Oman with regard to the financing of small and medium enterprises. The Board also viewed the CBO’s financial position as at the end of April, as well as the report related to the performance of CBO’s external investments. Further, the Board deliberated other issues related to the financial and administrative matters of CBO and has taken necessary decisions. — ONA