Muscat: Oman’s monetary condition is stable, Tahir bin Salim Al Amri, Executive President of the Central Bank of Oman (CBO) has said in a statement.
He also said that there is a close follow up of the relevant developments to ensure balance between maintaining prices at the local economy at acceptable levels and stimulating continuous growth of the economic activities. He added that the policies adopted by CBO take into consideration the future outlook by focusing on putting in place the stability fundamental that ensures having an efficient banking sector and a stable monetary policy.
He pointed out that the CBO currently considers the legislative and organisational aspects related to availing financial tools to manage the liquidity conditions at the Islamic banking.
He affirmed that new short term Islamic banking financial tools will be availed soon as it is the case with the financial tools available for the traditional commercial banks.
The CBO Executive President also said that there are no intentions to change the interest cap on personal loans by the local banks.
He pointed out that CBO constantly follows the liquidity, credit and saving conditions and trends to ensure that they are channeled at the right direction that serves the efforts made by the government to ensure more progress in the comprehensive development process witnessed by the Sultanate.