MUSCAT, AUG 25 - The Central Bank of Oman (CBO) has embarked on a three-year-long “strategic transformation” designed to strengthen its position as the nation’s preeminent monetary authority, as well as serve as a guiding force in sustaining banking and financial stability in the country.
The ‘strategic transformation’, the apex bank said, is necessitated by its constantly evolving responsibilities and operations in trend with “national priorities and the changing macroeconomic and financial environment”.
“Towards this goal, the CBO formulated a strategy for 2019 – 2021, drawing lessons from several Central Banks around the world, and factoring major central banking trends,” it stated in its newly published 2018 Annual Report.
Assisting the CBO in the formulation of a blueprint for the ‘strategic transformation’ was Boston Consulting Group (BCG), the prominent US-based global management consulting giant.
“In preparing the strategy, the operations and outcomes of several Central Banks around the world were benchmarked, while also assessing the relevance of major trends prevailing in the central banking in the current milieu for their relevance for Oman’s financial sector in general and the CBO in particular,” it said.
The transformation is centred around three key pillars, according to the CBO. The first seeks to “improve the scope and efficiency” of its work and operations. This includes an effort to strengthen “Oman’s monetary policy framework and continuing to be a reliable banker to the government”, the Central Bank noted.
The second pillar sets out a commitment to enhancing and improving the apex bank’s designated functions by strengthening macroeconomic research and forecasting capabilities with an aim to deliver more accurate economic advice to the public policymakers.
Equally, the strategy is aimed at supporting the development of a “vision for the Omani financial sector with the support of other key stakeholders to encourage innovations in this sector, improve financial literacy and play an active role in protecting consumer rights”.
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