banking

CBO Board Holds Third Meeting of 2021

September 30, 2021

Muscat, 29 Sep (ONA) --- The Board of Directors of the Central Bank of Oman (CBO) today held its third meeting of 2021.

The Board commended the concluding statement of IMF on Article IV consultations, and welcomed its appreciation of the Sultanate’s efforts in containing the adverse effects of COVID-19 pandemic by initiating timely efforts and announcing proactive measures such as the Economic Stimulus Package and Social Protection Initiatives.

In addition, the Board took appreciative note of the IMF statement with regard to its observations on how various economic indicators in Oman were suggesting a gradual economic recovery in the country, mostly in view of Sultanate’s swift and effective implementation of the Oman Vision 2040 initiatives.

In the meeting, the Board also reviewed reports on the prospects and challenges facing the financial stability of the Omani economy. It also examined the financial safety reports of banks, reviewed the business activities of CBO departments and took stock of the latest developments with regard to CBO Strategy Balance Scorecard. The state of CBO reserves and foreign investments also came up for Board’s scrutiny.

The Board also commended the progress with regard to the execution of the unified electronic platform “Know Your Customer”.

Likewise, it approved the draft budget of the College of Banking and Financial Studies (CBFS) for 2021/2022, and reviewed several other topics listed as part of its meeting’s agenda.

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