CBO Board reviews economic situation

MUSCAT: The Central Bank of Oman’s (CBO) Board of Governors held its third 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 report on Sultanate financial and economic position in the light of local and international development.

The Board also reviewed the recommendations included in the report of the International Monetary Fund and World Bank mission on Financial Sector Assessment Programme (FSAP) and directed CBO executive management to follow up the implementation of the sector recommendations as far as possible in line with the Economic and Financial with situation of Sultanate.

The Board also reviewed in the meeting the action taken by the CBO and licensed banks operating in Oman with regard to the financing of small and medium enterprises.

The Board also discussed the latest developments regarding Fintech and its implications for the financial and banking sector in the Sultanate, and assured continuous follow-up so that the appropriate technologies are adopted.

At the same time, the Board wishes to acknowledge that there is no policies or guidelines to regulate the digital or crypto currencies, and hence, advise public to be cautious when dealing with such currencies, stressing that the CBO will bear no responsibility of any consequences.

The Board also reviewed the CBO’s financial position as end of November 2017, as well as the report related to the performance of CBO’s external investments.

Further, the Board deliberated other issues related to the financial and administrative matters of CBO and has taken the necessary decisions. — ONA