CBO board reviews several key issues

Times News Service

MUSCAT: The Central Bank of Oman’s Board of Governors held its fourth meeting of this year on Monday at Central Bank of Oman (CBO) headquarter, CBD area, Muttrah. The meeting was chaired by Sultan bin Salim bin Saeed Al Habsi, Deputy Chairman of CBO’s Board of Governors.

The meeting set off with review of items presented on the agenda. The board reviewed CBO’s financial position as of November 30, 2018, along with reports on the recent performance of CBO’s external investments. The board also reviewed CBO report on the economic and financial developments in the Sultanate, as well as a report on financing of small and medium enterprises in the country.

In addition, the board reviewed the regulations related to the National Payment Systems Law issued under Royal Decree No. 8/2018 on 20 February 2018.The board also approved the proposed Bank Resolution Framework as a step to reinforce further financial stability in the Sultanate’s banking sector. The Framework provides regulatory instruments necessary for enhancing banks’ ability to absorb risks and shocks and mechanisms that ensure minimising the impacts of such risks on the sector. The board also approved the annual budgets of CBO for the year 2019.

Finally, the board reviewed the Omani Financial Sector Assessment Program (FSAP) of the International Monetary Fund and World Bank, and discussed a host of other topics on which appropriate decisions were made.