Monetary condition in Sultanate stable

MUSCAT: The monetary condition in the Sultanate is stable, and that there is a close follow up of the developments to ensure balance between maintaining prices in the local economy at acceptable levels and stimulating continuous growth in economic activities.
This was stated in a statement by Tahir bin Salim al Amri, Executive President of the Central Bank of Oman (CBO).
He said that the policies adopted by the apex bank take into consideration the future outlook by focusing on putting in place the fundamentals for stability which ensure an efficient banking system and a stable monetary policy.
He said that the CBO currently considers the legislative and organisational aspects related to availing financial tools to manage liquidity conditions in Islamic banking sector.
He affirmed that new short term Islamic banking financial tools will be availed soon as it is the case with the financial tools available for traditional commercial banks.
CBO executive president said that there is no intention to change the interest cap on personal loans by the local banks and pointed out that the apex bank constantly follows the liquidity, credit and saving conditions and trends to ensure that they are channelled in the right direction which serves the efforts made by the government to ensure more progress in the comprehensive development process witnessed by the Sultanate. — ONA