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State Council discusses draft law on bank deposits protection

Oman Tuesday 30/January/2024 20:07 PM
By: ONA
State Council discusses draft law on bank deposits protection

Muscat: The State Council discussed on Tuesday the draft law on protection of bank deposits referred to it by the Council of Ministers.

In his speech, the State Council Chairman Sheikh Abdulmalik bin Abdullah Al Khalili, said that the convening of the session aimed to discuss the draft law on protection of bank deposits in accordance with the provisions of article ( 49) of the Law of the Council of Oman. It also aimed to apprise the members with some issues related to the activities of the State Council.

Praising the efforts of the members, the chairman stated that the draft law on protection of the bank deposits is one of the key elements for the confidence vested in the banking system and for enhancement of the fiscal stability. The draft law is part of the financial security network and provides protection to holders of deposits, he added.

He said that the draft law on bank deposits aimed to cope with the amendments to the Banking Law issued by Royal Decree No. 114/2000. The draft law comprises 31 articles and is an update to the Law of the Bank Deposit Insurance Systems amended by Royal Decree No. 70/2010. 

The third session of the first annual convening of the eighth term was attended by the members and the Secretary General of the State Council.