Muscat— The Central Bank of Oman (CBO) held today the Annual Bankers’ Meeting, chaired by Tahir Salim Al Amri, CBO’s Executive President.
The event was attended by several CEOs and senior officials from banks operating in Oman.
Al Amri commended the performance of the banking sector during the coronavirus (Covid-19) pandemic and its prominent role in supporting various economic sectors. He also lauded the licensed banks’ commitment to implement the instructions and circulars issued by CBO in this regard.
He reaffirmed CBO’s role in following-up the banks’ efforts to raise the awareness of consumers on financial services and protecting their rights. He stated that there was a need to adhere to the principles of responsible lending in terms of transparency, justice, clarity, honesty and integrity in providing advice and guidance to customers, especially with lending that exceeds consumers’ ability to repay. He also commended the banks’ role in various areas of social responsibility.
Al Amri underscored CBO’s strategy and the importance of its conformity with the priorities and plans of Oman, in a way that would enable it to play its aspired role to contribute to the priorities and goals through adopting best practices in the banking and financial sector. He pointed out CBO’s strategic objectives of achieving monetary stability and ensuring the stability and soundness of banking institutions in Oman, in order to enhance the confidence of the public and banking sector’s stakeholders.
It is important, he added, to move forward with the development, training and credentials of national capabilities in the Omani banking sector to further develop the services and products provided by the sector. He praised the development of financial technology in the sector during the past period, calling on banks to continue empowering companies and small and medium enterprises (SMEs) working in the sector.
Moreover, a presentation was given on banking developments and macroeconomic indicators during the last period. The Oman Banks Association (OBA) made a presentation on cashless society, discussing many issues related to the banking and financial sector in Oman.
Source: Oman News Agency