MUSCAT: The Sultanate’s banking sector has achieved a growth of 8 per cent in assets, reflecting its strong capacity to provide the funding requirements for all economic activities, including initiatives for diversification of income.
Accordingly, credit to various sectors of the economy registered a growth of 6 per cent, in addition to increase witnessed in deposits and investments. Inflationary pressure was mild last year and continues to follow similar trend. Therefore, investors’ confidence remains positive, supported by an effective supervisory and regulatory environment which continues to follow best international practices.
This was revealed at the meeting of the Central Bank of Oman (CBO) Board of Governors on Tuesday held under the chairmanship of Sultan bin Salim al Habsi, Deputy Chairman of the Board of Governors of the CBO.
The deputy chairman welcomed the members of the board and presented a detailed report on economic and financial developments in the Sultanate for the year 2018. The indicators on banking sector’s performance featured prominently in the report. Notably, the preliminary data pointed to a strong performance of the sector during the year. The board also examined the financial performance of the apex bank for February 2019, including reports on latest international investments, as well as foreign reserves.
The board was also presented with the activities of the College of Banking and Financial Studies and its role in providing qualified workforce for the banking and other sectors in the Sultanate. The presentation indicated that the rate of Omanisation in the banking sector stands at 94 per cent. Another topic of the discussion by the board was on the report pertaining to the work of the High Sharia Supervisory Authority, in addition to approving the Regulation on Islamic Banking activities. Further the board reviewed other items on the agenda. — ONA
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