CBO Board of Governors reviews challenges facing financial stability

Business Monday 20/June/2022 18:23 PM
CBO Board of Governors reviews challenges facing financial stability

Muscat: The Board of Governors of the Central Bank of Oman (CBO) convened its second meeting for 2022.

The board commenced its meeting by welcoming the International Monetary Fund’s Statement after its Mission to Oman. This visit came within the framework of the preparations for 2022 Article IV consultations.

The statement commended the substantial efforts exerted by the Omani government to mitigate the impacts of the COVID-19 pandemic and foster recovery, as well as the fiscal measures targeting social support and helping private sector recovery in the pandemic’s aftermath.

It also lauded the banking system's ability to overcome the recent shocks, supported by substantial capital and liquidity buffers and the CBO’s continued efforts in strengthening regulatory and supervisory frameworks. The Board of Governors underscored the importance of moving forward with the efforts to further enhance the financial and economic situation in Oman.

During the meeting, the board also reviewed CBO’s financial position, the status of its reserves and the performance of its foreign investments. The board also examined the reports on the prospects and challenges facing financial stability, as well as the quarterly report of Oman Credit and Financial Information Centre (Mala'a). The board was briefed on the financial safety reports of the banks. The board also discussed several requests related to Payment Service Providers (PSPs) licenses.

The meeting also discussed several other topics on the agenda and took the appropriate decisions on the same.