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CBO board reviews measures to deal with impact of COVID-19

30 Sep 2020

The board of governors of the Central Bank of Oman (CBO) Tuesday convened its third meeting for this year and reviewed the precautionary measured taken by the central bank to mitigate the impact of COVID-19 pandemic and low oil prices on the sultanate’s economy and banking sector. 

This was the board’s first meeting since the issuance of Royal Decree 117/2020 on September 10, forming the new board of governors of the CBO under the chairmanship of H H Sayyid Taimur bin Asaad bin Tarik al Said. The meeting was held at the CBO head-office in Muscat. 

The board meeting started with a welcome note by H H Sayyid Taimur, chairman of the board of governors of CBO. Addressing the board members, H H Sayyid Taimur expressed his gratitude for the much-appreciated role, dedicated efforts and valuable contributions of the former members of the board of governors of CBO during their tenure. 

The newly formed board of governors reviewed the meeting’s agenda and examined the financial and economic status report in light of the global and domestic developments and updates. The board also listened to a presentation given by the executive management of the CBO on the banking sector’s financial safety and soundness and performance indicators through banking regulatory and surveillance reports. 

Furthermore, the board reviewed the central bank’s financial position as of July 31, 2020 and examined a report on the performance of the CBO’s foreign investments. 

The board of governors also discussed a report on the activities and functions of the CBO departments during the third quarter of 2020 and approved the budget of the College of Banking and Financial Studies (CBFS) for the year 2020-21.

The board also listened to an update regarding the implementation of the CBO’s strategy. The discussions also covered a host of other topics listed on the agenda and the board made the appropriate decisions accordingly.

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