CBO reviews global and regional economic developments

Muscat: The Board of Governors of the Central Bank of Oman (CBO) held its third meeting for 2023.

At the beginning of the meeting, the Board reviewed global and regional economic developments and their impact on the Omani economy in general and the banking sector in particular. The Board urged following up these developments to evaluate their effects. In addition, the Board reviewed the international stance on crypto currencies and the related studies conducted by the executive management of the Central Bank in this regard.

The Board discussed and approved the annual budget of the College of Banking and Financial Studies for the academic year 2023-2024. The Board also reviewed the financial position of the Central Bank of Oman alongside a number of reports submitted by the bank’s executive management on the prospects for financial stability, the quarterly report of the Oman Financial and Credit Information Centre “Mala’a”, and the financial soundness indicators report for banks.

Moreover, the Board reviewed the position of reserves and the performance of the central bank’s foreign investments, and the report on financing small and medium enterprises (SMEs).

Furthermore, the Board reviewed the initiatives implemented within the bank’s strategy 2021-2023, reviewing the general framework of the Central Bank of Oman’s strategy 2024-2026. The board also discussed several other topics on the agenda and took appropriate decisions.