Muscat, The Board of Governors of the Central Bank of Oman (CBO) held today its 1st meeting for 2022.

The meeting reviewed the economic, financial and monetary developments in the Sultanate of Oman and worldwide, as well as the developments in the global energy prices.

The board commended the improvement of the economic situation, highlighting the need to observe the new developments, especially in the financial and monetary sector. The board also underscored the keenness of the banking and financial sector to support the national economy.

The board highlighted the performance indicators of the banking sector, which indicate that the sector is operating in the framework of a flexible regulatory and supervisory environment that adopts the best international practices, enabling the sector to deal with the recent challenges. In this regard, the Board stressed the need to exert greater efforts in financing productive sectors and encouraging savings.

The board also reviewed CBO’s financial position report as of February 2022, as well as the financial safety indicators of banks and the reports submitted by CBO’s executive management on the prospects and challenges facing financial stability. It also examined the status of CBO’s reserves and the performance of its foreign investments.

The board also took note of the annual report of Oman Credit and Financial Information Centre and the semi-annual report of the High Sharia Supervisory Board for July-December 2021.

The Board directed CBO’s executive management to coordinate with departments concerned to conduct a study on the possibility of establishing specialized courts in financial cases.

The Board approved the CBO’s audited final accounts, the Bank Deposit Insurance Scheme and CBO employees’ pension scheme for 2021.

Source: Oman News Agency