Friday, March 29, 2024 | Ramadan 18, 1445 H
broken clouds
weather
OMAN
23°C / 23°C
EDITOR IN CHIEF- ABDULLAH BIN SALIM AL SHUEILI

New draft law to boost banking services in Oman

CBO
CBO
minus
plus

MUSCAT: The Central Bank of Oman (CBO) on Monday reviewed major economic, financial and monetary developments in the Sultanate during the third quarter of 2019.


The meeting of the Board of Governors was held under the chairmanship of Sultan bin Salim al Habsi, Deputy Chairman, at CBO headquarters in Muttrah.


At the beginning of the meeting, Al Habsi extended a warm welcome to all the participants of the meeting, which was followed by a presentation on financial safety and soundness of the banking sector and the performance indicators, obtained through banking regulatory and surveillance reports.


The board also reviewed a number of other proposals aimed at enhancing the adequacy of CBO’s monetary policy.


Likewise, the board also discussed and reviewed the new draft Banking Law, which is currently in the process of preparing for legislative procedures.


The new revised law is being issued to ensure that it was in line with the ongoing rapid changes and developments in the banking sector. The board also approved a number of internal policies and regulations concerning the operations of Oman Credit and Financial Information Centre, established under the Royal Decree No 38/2019, issued on May 12.


The Oman Credit and Financial Information Centre, is a new qualitative addition, which shall provide credit and financial information to banking and financial entities in the Sultanate. It shall also enhance the Ease of Doing Business Index in the Sultanate.


In addition, the board also reviewed the financial position of CBO as of August 31, 2019, and examined a report on CBO’s foreign investments performance. It also took stock of the activity reports of various CBO departments. — ONA


SHARE ARTICLE
arrow up
home icon