Central Bank of Oman cites improvement in financial stability in Oman

Muscat: The Central Bank of Oman (CBO), in the ninth issue of its annual report on financial stability for the year 2021, refers to the improvement in the outlook for financial stability in the Sultanate of Oman.

“The Central Bank of Oman refers to the improvement in the outlook for financial stability in the Sultanate of Oman with the expansion of the national campaign for immunisation against COVID-19 and the gradual return to normal conditions,” Oman News Agency said.

The report highlights the challenges that resulted from the outbreak of the pandemic and its effects, noting that the measures and policies taken by the Government of the Sultanate of Oman and the CBO to support small and medium enterprises (SMEs) and individuals affected by the pandemic have helped to avoid severe crises and have accelerated the pace of economic recovery.

According to the report, the banking sector played a key role in supporting the national economy by easing the burden on affected borrowers, postponing loan instalments, and increasing credit granted to meet the economy's financing needs.