The Central Bank of Oman received a delegation from 33rd Batch of The Command and Staff College, Sultan Armed Forces, on Wednesday, October 9, 2019 at its Head Office in the Commercial District, Muttrah. The visiting delegation, which included staff and several students from the institution, received a comprehensive orientation on different aspects of Central Banking and its core functions as the banking regulator in the country.
Beginning the deliberations of the event, His Excellency Tahir Salim Abdullah Al Amri, the Executive President of Central Bank, delivered a presentation titled "The Role of the Central Bank in Maintaining the Stability of the Omani Economy" on the occasion, and provided an overview on the history of currency and its evolution in the Sultanate. HE also elaborated on the role of the Central Bank as a regulator of the banking sector, in addition to explaining its role in issuing national currency and management of foreign reserves and external investments. HE also spoke about the Bank Deposit Insurance Scheme (BDIS) and shed light on some of its core objectives and working mechanism. Likewise, HE also highlighted the significant role played by banks in contributing to the growth of Oman's national economy by providing efficient banking services across the Sultanate and extending financial support for the development of commercial and individual projects as well as SMEs in the form of loans and credit. In the presentation, His Excellency pointed out that the percentage of Omanisation in the banking sector has reached 94%.
Marking the culmination of the presentation, His Excellency opened the floor for discussions and responded to a number of queries raised by some of the participants. Thereafter, the delegation visited CBO's Currency Museum wherein they were explained about the historical origin of different currencies in Oman, besides being briefed about some of the most important currencies in circulation during different periods of time.
It is worth mentioning that The Command and Staff College, Sultan Armed Forces is considered as one of the most reputed army academies in the Sultanate, offering premium training and qualification services and cutting-edge knowledge to officers in the fields of command and staff. The orientation was attended by Omani scholars and their counterparts from sisterly and friendly nations.
Source: Central Bank of Oman