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CBO board reviews ‘Know Your Customer’ project

30 Jun 2021

The board of governors of the Central Bank of Oman (CBO) on Wednesday held its second meeting of the year 2021.

During the virtual meeting, the board stressed the importance of banking and financial sector’s continuous and swift response by applying CBO’s directives on reliefs, relaxations and stimulus packages to minimize repercussions of the COVID-19 pandemic on the national economy.

The CBO board proceeded by taking stock of the meeting agenda and reviewed the progress of the ‘Know Your Customer’ project, an e-platform that enables the relevant licensed financial institutions to verify and identify clients online. The Know Your Customer project will enhance efforts towards digital transformation and financial inclusion in the sultanate.

The board of governors also reviewed CBO’s financial position as of the end of April 2021. 

They also reviewed an executive summary of the accomplishments made in the project to enhance the efficiency of CBO’s monetary policy, mainly the progress made in the project of enhancing the automated economic model to build forecasts of trends of various economic indicators of the sultanate. This will provide reliable future forecasts of macroeconomic developments in the country reaching up to at least five years.

The board examined a report on the recent developments regarding the various interest rates in the banking sector and the performance of the CBO’s foreign currency investments.

Other topics discussed by the CBO board included key projects and activities for this year, along with the quarterly report of Oman Credit and Financial Information Centre (Mala’a) and a slew of topics listed in the agenda.

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