CBO board discusses new draft banking law

Muscat: The Central Bank of Oman (CBO) on Monday held the third meeting of its Board of Governors for 2019 under the chairmanship of Sultan bin Salim Al Habsi, Deputy Chairman of the Board of Governors.
The meeting was held at CBO headquarters in the Commercial District, Muttrah.
Beginning the deliberations of the meeting, the Deputy Chairman in his introductory note extended a warm welcome to all the participants of the meeting, which was followed by a review of major economic, financial and monetary developments in the Sultanate witnessed during the third quarter of 2019.
Thereafter, the CBO Executive Management in a presentation to the Board of Governors provided insights on the financial safety and soundness of the banking sector and the performance indicators, obtained through banking regulatory and surveillance reports. The Board of Governors also reviewed a number of other proposals aimed at enhancing the adequacy of CBO’s monetary policy.
Likewise, the Board also discussed and reviewed the new draft Banking Law, which is currently in the process of preparing for legislative procedures. The new revised Law is being issued to ensure that it was in line and at pace with the ongoing rapid changes and developments in the banking sector.
The Board also approved a number of internal policies and regulations concerning the operations of Oman Credit and Financial Information Centre, established under the Royal Decree No. 38/2019, issued on 12 May 2019. The Oman Credit and Financial Information Centre is a new qualitative addition, which shall provide credit and financial information to all of the economic, financial and banking entities in the Sultanate. It shall also enhance the ease of doing business index in the Sultanate.
In addition, the Board also reviewed the financial position of CBO as of August 31, 2019, and examined a report on CBO’s foreign investments performance. It also took stock of the Activity Reports of various CBO departments during the period under review.
The Board of Governors also discussed a host of other topics as part of its agenda, and accordingly took appropriate decisions.