CBO Board lauds infrastructure efficiency of banking sector
May 28, 2018 | 2:45 PM
by Times News Service
Central Bank of Oman. - Times file picture

Muscat: The Central Bank of Oman’s (CBO) Board of Governors appreciated the sincere efforts made by all the authorities concerned and the citizens to mitigate the effects of Cyclone Mekunu.

The Board also applauded the infrastructure efficiency of the banking sector, represented by CBO, Salalah Branch, and the branches of licenced banks operating in the Dhofar and Al-Wusta governorates, where they continued to provide all services that citizens and residents required in the affected areas.

The board held its second meeting of this year on May 28, 2018, which was chaired by Sultan bin Salim bin Saeed Al Habsi, Deputy Chairman of CBO’s Board of Governors.

At the outset of the meeting, the Board offered prayers and gratitude to Allah for being merciful to Oman and its people during the cyclone.

The board urged the executive management of the CBO to intensify efforts to ensure the availability of financial services and to improve the financial sector infrastructure, as well as to ensure that it is capable of withstanding severe weather conditions.

The board also reviewed the CBO report on the Sultanate’s financial and economic position in light of local and International developments. It also reviewed the recommendation included in the report of the International Monetary Fund (IMF) and the World Bank mission on the Financial Sector Assessment Programme (FSAP) and directed the CBO executive management to follow up on the implementation of the recommendations as far as possible, in line with the economic and financial situation of the Sultanate.

At the meeting, the Board also reviewed the action taken by the CBO and licenced banks operating in Oman with regard to the financing of small and medium enterprises (SMEs).

The Board also reviewed the CBO’s financial position as of the end of April 2018, as well as the report related to the performance of CBO’s external investments.

Further, the Board deliberated over other issues related to the financial and administrative matters of CBO and took necessary decisions.

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