CBO reviews economic, financial and monetary developments in the Sultanate of Oman

Muscat: The  The Central Bank of Oman (CBO) convened its third Board of Governors meeting of 2022 at its headquarters here today.

The CBO Board of Governors reviewed the economic, financial and monetary developments in the Sultanate of Oman during the third quarter of 2022.

The Board also examined the financial safety reports of banks and performance indicators through banking supervision and oversight reports. A number of proposals and studies on developing CBO’s monetary policies were also reviewed in the meeting.

The Board was briefed on CBO’s financial position. It also reviewed reports submitted by CBO Executive Management on the prospects of financial stability, as well as the status of CBO’s reserves and the performance of its foreign investments.

In addition, the Board expressed its keenness to support and encourage technical developments and advanced electronic products and services in various fields. Therefore, spur on successful examples of institutions who experimented with CBO’s Regulatory Sandbox, in line with global FinTech developments, the Board approved licensing applications to provide electronic payment services in Oman for two companies, namely (Om Pay) and (Amwal Pay), under the condition that these companies finalize the procedures for license issuance by fulfilling all the remaining procedures and requirements.

The Board affirmed that CBO is all set to receive all licensing applications related to carrying out banking and FinTech activities, adding that CBO will review them constructively in accordance with the approved requirements to serve the public interest.

The meeting also discussed a number of other topics related to CBO’s sector activities and functions, and took the appropriate decisions accordingly.

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