Muscat: Most of the outstanding dues of contracting firms have been paid by the government, said the executive president of the Central Bank of Oman.
“May be there are some outstanding amounts. So, we have told the banks to be little flexible on their payments to their clients/main contractors/sub-contractors. And we have allowed them to give some sort of grace period for these accounts,” added Al Zadjali.
Also read: Oman plans to borrow $10b from overseas markets, says CBO chief
The CBO chief also said that the central bank has also brought in new regulations and directives to ensure a healthy credit growth in a move to support the private sector.
Al Zadjali said that the non-performing loan ratio of Omani banks is very low and the provision against such loan is very high. “The banking sector is in a good position to support economic development.”