Muscat, The Central Bank of Oman (CBO) today held its fourth Board of Governors meeting for 2022.

The Board reviewed the most important global and local economic, financial and monetary developments during the last period of this year, as well as economic prospects and challenges.

The Board reviewed the report of the financial position of the Central Bank of Oman (CBO), the position of reserves and the performance of foreign investments of CBO. Likewise, the Board examined the financial safety reports of banks and performance indicators and banking sector development initiatives.

The Board discussed proposals and studies submitted by the Executive Management of the Central Bank of Oman regarding reviewing policies and regulatory frameworks related to banks in the Sultanate of Oman, and the results of a detailed study on the prudential limits and regulatory aspects related to real estate finance in Oman. Accordingly, the Board adopted a number of recommendations that are considered aiming towards stimulating the economy and encouraging the expansion of funding for vital sectors.

During its meeting, the Board also approved the 2023 budget of CBO, Oman Center for Credit and Financial Information “Mala’a” and the implementation plan for the CBO’s strategy for the year 2023. In addition, the Board also approved granting a license for the electronic payment service provider to Oman National Engineering and Investment Company (ONEIC).

It also discussed a number of other topics related to CBO’s sector activities and functions, and several other topics listed as part of its meeting agenda and took appropriate decisions accordingly.

Source: Oman News Agency