Oman's banking sector assets grows by 8%
April 9, 2019 | 4:42 PM
by Times News Service
The meeting was held at the Central Bank of Oman (CBO) headquarters in Matrah Business District area. - Supplied picture

Muscat: Oman's banking sector has achieved a notable 8 per cent growth in assets, reflecting its strong capacity to provide the funding requirements for all economic activities last year, including diversification initiatives for the productive sector.

Accordingly, credit to various sectors of the economy registered 6 per cent growth in addition to increase witnessed in deposits and investments. Also, inflationary pressure was mild during the year and continues to follow similar trend.

Therefore, investors’ confidence remains positive, supported by an effective supervisory and regulatory environment that continues to follow best international practices.

This was informed at the Central Bank of Oman Board of Governors first meeting this year on Tuesday chaired by Sultan Salim Said Al Habsi, Deputy Chairman of the Board of Governors. The meeting was held at the Central Bank of Oman (CBO) headquarters in Matrah Business District area.

Al Habsi welcomed the members of the board and presented a detailed report on economic and financial developments in the Sultanate for the year 2018.

The board also examined the financial performance of CBO for February 2019, including reports on the latest international investments as well as foreign reserves.

The board was also presented with the activities of the College of Banking and Financial Studies (CBFS) and its role in providing a qualified workforce for the banking sector and other sectors in the Sultanate. The presentation indicated that the rate of Omanisation in the banking sector in the Sultanate stands at 94 per cent.

Another topic of the discussion by the board was on the report pertaining to the work of the High Sharia Supervisory Authority in addition to approving the Regulation on Islamic Banking activities. Further the Board reviewed and decided on other items in the agenda.

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