Muscat – The Central Bank of Oman (CBO) has unveiled a series of landmark regulatory measures designed to bolster the banking sector’s role in supporting the country’s economic diversification and sustainable growth.

The initiatives aim to channel capital into key non-oil industries, enhance liquidity management, and modernise risk frameworks. Collectively, they could unlock more than US$25bn in bank financing for Oman’s non-oil sectors over the next five years.

‘The Central Bank of Oman has unveiled a series of groundbreaking regulatory initiatives designed to advance Oman’s economic diversification efforts in alignment with the National Development Strategy and national priorities. These proactive measures – including sector-specific lending focus, capital relief programmes, and the modernisation of liquidity and interest rate risk management frameworks – are poised to transform the banking sector’s role in promoting sustainable economic growth,’ CBO said in a statement issued on Thursday.

According to the CBO, the reforms are intended to direct capital into priority non-oil sectors, while equipping banks with stronger capital buffers to support growth and manage emerging risks.

‘This strategic approach could enable banks to potentially finance over US$25bn over the next five years, significantly driving non-oil GDP growth and generating thousands of job opportunities for Omanis by 2030,’ CBO said.

The targeted sectors for financing under the new framework include tourism, renewable energy, logistics, mining, agriculture, fisheries, education, healthcare, and technology.

Additionally, the CBO has provided banks with enhanced liquidity management tools, enabling them to respond more effectively to evolving market conditions. ‘By strengthening interest rate risk management practices, banks will be better positioned to optimise their funding structures, offer competitive pricing, and support the long-term development of Oman’s financial ecosystem,’ the CBO added.