CBO Working on Projects to Improve Ease of Doing Business

Muscat Daily

-In order to facilitate and improve the ease of doing business in the sultanate, the Central Bank of Oman (CBO) is working to implement various projects in banking and financial sector. According to H E Tahir bin Salim al Amri, executive president of the CBO, the sultanate’s central bank is working on projects such as the revision of Oman’s banking law, upgrading the payment systems infrastructure, liquidity management and deposit insurance schemes for Islamic banking entities and establishment of the National Centre for Credit and Financial Information.

H E Amri gave his inaugural address at the CBO’s annual bankers meeting, which was held under his chairmanship on Thursday. The meeting was attended by the CEOs and senior officials of the banks operating in Oman, according to an Oman News Agency report.He appreciated the performance of Oman’s banking sector during 2018 under the challenging macroeconomic conditions. He emphasised CBO’s strategic role as regulator and supervisor with the aim to put in place a robust regulatory framework, and upgrade the supervisory processes for effective risk based regulations.

The annual bankers meeting discussed the macroeconomic developments in Oman, MENA region and the world and the outlook for 2019.The meeting also provided a platform for constructive discussions on important issues such as ensuring readiness of banking sector for the implementation of value-added tax, combating financial crimes and strengthening cybersecurity and post-IFRS 9 implementation issues.