Muscat: The Central Bank of Oman (CBO) Board of Governors held its third meeting of the year on Sunday under the Chairmanship of Sultan bin Salim bin Said Al Habsi, Deputy Chairman of the Board of Governors. The meeting was held at the CBO Headquarters in MBD area, Muttrah.
At the beginning of the meeting, the board reviewed the various subjects on the agenda. It then studied the CBO report on the economic and financial developments in the Sultanate. The board also discussed the CBO report on the volume of funding extended by the banking sector in the Sultanate to the small and medium enterprises (SMEs).
The board approved the proposed executive plan for the establishment of a National Bureau for Credit and Financial Information by studying the procedures taken up by the Central Bank of Oman for the establishment of the bureau. The board also welcomed in principle, the procedures and endeavours aimed at the merger of a number of banks in the Sultanate with the view of forming large banking entities that can be more competitive and capable of meeting the evolving challenges and changes in the banking sector.
Furthermore, the board also reviewed the financial position of the Central Bank of Oman as of August 31, 2018, in addition to examining the reports on the performance of CBO’s external investments. The Board also approved the annual budget of the College of Banking and Financial Studies (CBFS) for the Academic Year 2018-2019. The board also discussed several other issues that were brought to its notice and took appropriate decisions accordingly.