Banking

The banking industry is important to the growth of any economy. It is the banking system that facilitates the creation of capital, and finances growth across various industries. The goal of the Central Bank of Oman is to “promote the development of banking institutions, which will ensure the maintenance of monetary and financial stability, contribute to the economic, industrial and financial growth and enhance the position of the sultanate in international financial affairs.”

Until 1970, Oman had no supervisory body for its monetary and banking system. With the introduction of its own national currency in Oman, a need arose to establish an authority to deal with currency management, which led to the development of the Central Bank of Oman in 1974. The Central Bank supervises the commercial banks in Oman, as well as issuing the currency, maintaining the peg with the dollar, and playing a role in managing the country’s deficit.

The Omani banking sector remained robust, with sound asset