CBO reviews current situation of economy due to COVID-19

Business Monday 30/March/2020 17:58 PM
By: Times News Service
CBO reviews current situation of economy due to COVID-19

Muscat: The Central Bank of Oman (CBO) in a meeting reviewed the efforts carried out by CBO to mitigate the repercussions of the current situation on the performance of the national economy, on Monday.
It also commended the prompt response accorded by banks, finance companies, and money exchange companies, in relation to the package of incentives and measures, announced earlier, at its first Board of Governors’ meeting.
The meeting, which was held at the CBO headquarters in Matrah Business District area, was chaired by Sultan bin Salim Al-Habsi, Deputy Chairman of CBO Board of Governors.
CBO also emphasised the sector’s commitment to supporting its customers in view of the COVID-19 related emerging scenario. CBO urged that the incentives and measures offered by financial institutions to consider the best interest of customers, the banks, and especially the overall interest of the economy. Accordingly, adjusting or restructuring of existing loans may be required as guided by the CBO.
The CBO Board also appreciated the donation and funding initiatives of the banking sector in support of the national efforts to fight the spread of COVID-19.
The board, also reviewed the reports on the financial stability of the Omani economy, the financial position of the CBO, and also examined the CBO Monetary Operations report.
Furthermore, the board reviewed the functioning of Oman Credit & Financial Information Centre (Mala’a) and appreciated the responsiveness of various government entities and the private sector organisations towards the work carried out by the Centre.
Likewise, the board approved the final audited accounts of CBO and the Bank Deposit Insurance Scheme (BDIS). It also reviewed several other issues as part of its agenda, in addition to holding discussions on topics related to the most critical activities carried out by CBO during the year, and accordingly took appropriate decisions on them.