CBO board reviews banking sector

MUSCAT: The Central Bank of Oman (CBO) Board of Governors held its first meeting of the year on Monday under the chairmanship of Sultan bin Salim bin Saeed al Habsi, Deputy Chairman of CBO’S Board of Governors.

The Board reviewed the CBO’S report regarding the trends of the various key indicators related to the financial and economic condition of the Sultanate in the light of regional and international developments.

The Board was also updated on the developments in the local banking sector on the volume of credit, liquidity and asset quality, as well as financing and services provided to small and medium enterprises.

In line with the CBO’S role in stimulating the national economy and contributing to the improvement of the business environment, the Board has cleared a number of amendments to the Banking Control and supervisory requirements aimed at encouraging local banks and enhancing their ability to continue granting credit to various sectors and projects in Oman.

The Executive management of the Central Bank will take the necessary actions in this regard.

The Board also reviewed CBO’S financial position as at end of February 2018 as well as the reports related to the performance of CBO’S external investments.

In addition, the Board endorsed the audited accounts of the CBO as well as the audited accounts of the Deposits Insurance Fund and The Pension Scheme of the CBO as at December 31, 2017.

The Board also reviewed the management letter of the external auditors. — ONA