Saturday, September 18
08:07 PM

CBO board discusses economic developments

29 Dec 2020

The Central Bank of Oman (CBO) on Monday convened the fourth meeting of its board of governors for 2020 under the chairmanship of H HSayyidTaimur bin Asa’ad bin Tariq al Said, chairman of CBO’s board of governors. The meeting was held at CBO’s head office in Muscat.

Beginning the meeting deliberations, the board of governors took stock of the recent economic developments in the sultanate in light of the COVID-19 pandemic. The CBO board noted that the banking sector in Oman was comfortably placed to ensure its continued support to the Omani economy.

The board also reviewed a report submitted by the executive management on the prospects and challenges facing the economy. It also examined a banking surveillance report indicating the financial stability data and performance indicators of the banking sector.

Accordingly, the board approved a recommendation to amend some of the provisions with regard to granting of loans against shares. The amendment is expected to provide greater flexibility and enhanced opportunities to banks in financing investments in shares or against the security of shares.

The CBO board also reviewed the progress made with regard to the implementation of the central bank’s strategic plan and took stock of the measures planned for the upcoming period.

The board discussed the annual budgets for the year 2021 for CBO and its subsidiary institutions and schemes that are under its supervision, including for Oman Credit and Financial Information Center (Mala’a) and Banking Deposits Insurance Scheme (BDIS).

The board of governors also reviewed several other topics listed as part of its meeting agenda and took appropriate decisions accordingly.

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