CBO Board of Governors holds 4th meeting
Published: 06:12 PM,Dec 20,2023 | EDITED : 10:12 PM,Dec 20,2023
CBOVision
MUSCAT: The Central Bank of Oman (CBO) Board of Governors held its fourth meeting for the current year, on Wednesday.
During the meeting, the CBO Board of Governors approved the plan for implementing the Bank’s strategy for the next three years (2024-2026) as well as the Bank’s initiatives aimed at boosting governance and risk management.
These initiatives are designed to invest in technology, develop financial services based on electronic payments and reduce cash transactions, enhance innovation and productivity, apply open banking standards and frameworks, develop an integrated regulatory framework for digital banks and evaluate the outcomes of the experimental environment of the CBO’s digital currency.
During the meeting the Board approved the 2024 budgets of the Central Bank of Oman, the Bank Deposits Insurance Scheme, and the annual budget of the Oman Credit and Financial Information Centre (Mala’a). The Board also agreed to grant licences to a number of electronic payment services providers.
The CBO Board of Governors came up with a number of recommendations aimed at facilitating the provision of services by the CBO and developing its operations most importantly: amending the method of collecting annual licence fees from banks to a total assets basis, reviewing the instructions related to practicing investment banking to comply with the Securities Law and the amendments proposed on the charter of the Audit and Risk Committee of the Board of Governors and the emergency preparedness framework of the CBO.
Other topics reviewed by the Board included indicators of the financial soundness of banks, the prospects and challenges facing the economy, the semi-annual report of the project on enhancing the efficiency of monetary policy, the quarterly report of the Oman Credit and Financial Information Centre (Mala’a) as well as the CBO financial position report, the reserves situation the foreign investments performance.
The Board also discussed a number of studies and topics on the agenda and made suitable decisions on them. — ONA
During the meeting, the CBO Board of Governors approved the plan for implementing the Bank’s strategy for the next three years (2024-2026) as well as the Bank’s initiatives aimed at boosting governance and risk management.
These initiatives are designed to invest in technology, develop financial services based on electronic payments and reduce cash transactions, enhance innovation and productivity, apply open banking standards and frameworks, develop an integrated regulatory framework for digital banks and evaluate the outcomes of the experimental environment of the CBO’s digital currency.
During the meeting the Board approved the 2024 budgets of the Central Bank of Oman, the Bank Deposits Insurance Scheme, and the annual budget of the Oman Credit and Financial Information Centre (Mala’a). The Board also agreed to grant licences to a number of electronic payment services providers.
The CBO Board of Governors came up with a number of recommendations aimed at facilitating the provision of services by the CBO and developing its operations most importantly: amending the method of collecting annual licence fees from banks to a total assets basis, reviewing the instructions related to practicing investment banking to comply with the Securities Law and the amendments proposed on the charter of the Audit and Risk Committee of the Board of Governors and the emergency preparedness framework of the CBO.
Other topics reviewed by the Board included indicators of the financial soundness of banks, the prospects and challenges facing the economy, the semi-annual report of the project on enhancing the efficiency of monetary policy, the quarterly report of the Oman Credit and Financial Information Centre (Mala’a) as well as the CBO financial position report, the reserves situation the foreign investments performance.
The Board also discussed a number of studies and topics on the agenda and made suitable decisions on them. — ONA