Muscat: The Board of Governors of the Central Bank of Oman (CBO) convened its first meeting for the current year (2023) at CBO’s Knowledge Oasis building on Thursday.
The Board reviewed the economic and financial developments in the Sultanate of Oman and the world in general, as reports and studies concluded that the financial position of CBO and the entities under its regulation and supervision remained unaffected by the recent global financial repercussions. The Board still underlined the importance of continuous follow-up of the latest developments in this respect, particularly those impacting the financial and monetary status in the Sultanate of Oman.
The Board also approved the CBO audited closing accounts as at December 31, 2022, the Banking Deposits Insurance Scheme (BDIS), CBO employees’ Pension Scheme and Oman Credit and Financial Information Centre (Mala’a).
During the meeting, the Board discussed investment policies related to the management of CBO reserves, and approved recommendations of the study on the development and improvement of the regulatory requirements of finance and leasing companies (FLCs).
The Board also reviewed reports on the financial soundness indicators of banks, the outlook and particulars of financial stability in the Omani economy, the position of CBO reserves, performance of CBO’s foreign investments and a report on the initiatives of the supervisory and regulatory sector, together with the biannual report of the activities of the High Sharia Supervisory Authority for the period from July to December 2022.
Moreover, the Board reviewed several topics related to the main operations and activities of CBO’s various departments in the current year (2023), on which the Board made the appropriate decisions. — ONA
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