Muscat: The Executive President of the Central Bank of Oman (CBO) confirmed that the priority to postpone loan repayment is for those who have been laid off from their work.
Taher bin Salem Al Omari, Executive President of CBO, confirmed in the Layil Muscat programme (Oman TV) that the priority to postpone loan repayment is for those who have been laid off from work and the postponement will be for a year without any interest.
Stressing that the issue of those laid-off is one that concerns many institutions in Oman, not just the CBO. Adding that there is also a priority for those whose wages and bonuses have been reduced and working for government agencies and retirees as well, where the age group for repayment has been extended to seventy years.
This came after the 10th session of the Shura Council on April 26, during which the council approved the vision of the Economic and Financial Committee regarding the postponement of the citizens’ personal debts for consumers - and housing premiums (according to specific conditions), that was presented by Ahmed bin Saeed Al Sharqi, Chairman of the Economic and Financial Committee in the council and its representative in the session.
In an exclusive interview with the Times of Oman, he said the committee had proposed a four-month period for the postponement of instalments.
The scheme is available to those earning less than OMR1,500 a month. Furthermore, no additional interest will be charged to those who choose to make use of this benefit.
He said that the government should take into account proposals made and present to the banking sector schemes such as reducing annual taxes on the banking sector.