Times of Oman
Oman committed to rial's dollar peg, says Central Bank of Oman Board
October 3, 2017 | 9:40 PM
by ONA
The Board of Governors also reiterated its commitment to the current exchange rate regime whereby the Omani rial is pegged to the US dollar. Photo-ONA
 
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Muscat: A Central Bank of Oman (CBO) report on the Sultanate’s financial and economic position in the light of local and international developments and continued decline in oil prices was reviewed on Tuesday.

The Central Bank of Oman’s (CBO) Board of Governors held its 2nd meeting for 2017. The meeting was chaired by Sultan bin Salim Al Habsi, Deputy Chairman of the CBO’s Board of Governors.

The Board also reviewed the recommendations included in the report of the International Monetary Fund (IMF) and World Bank mission on Financial Sector Assessment Programme (FSAP) and directed CBO executive management to follow up the implementation of the recommendations as far as possible.

The Board of Governors also reiterated its commitment to the current exchange rate regime whereby the Omani rial is pegged to the US dollar and this is due to the realised benefits to the Omani economy in terms of price stability and promoting economic growth, as well as foreign direct investment, in addition to stable interaction with the global economy.



In addition, the Board reviewed the CBO’s financial position as at the end of August 2017, as well as the report related to the performance of CBO’s external

investments.

The Board also reviewed the actions taken by the CBO and licensed banks operating in Oman with regard to the financing of small and medium enterprises (SMEs).

Further, the Board deliberated other issues related to the financial and administrative matters of CBO including the annual Budget of the College of Banking and Financial Studies (CBFS) for 2017-2018 and has taken necessary decisions.

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