Central bank’s Board of Governors reviews economic developments

Muscat: The Board of Governors of the Central Bank of Oman (CBO) held on Wednesday 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.