Muscat: The Board of Governors of the Central Bank of Oman (CBO) today held its 4th meeting for 2023, During the meeting, the Board approved the CBO’s Strategy Implementation Plan for the next three years (2024-2026), as well as the initiatives that CBO strives to achieve to enhance governance and risk management.
Such initiatives will also facilitate investment in technology, create e-payment dependent financial services and minimize cash, together with enhancing innovation and productivity, applying the standards and frameworks of open banking services, setting up an integrated regulatory framework for digital banks, and evaluating Central Bank of Oman’s digital currency trial results.
In addition, the Board approved the 2024 annual budget for: the Central Bank of Oman, the Banking Deposits Insurance Scheme (BDIS), and the annual budget of Oman Credit and Financial Information Center “Mala’a”, in addition to the Board also approved request to grant license to a number of electronic payment service providers.
Moreover, the Board approved number of recommendations that will enhance the processes and business model of Central Bank of Oman, mainly the method of collecting annual licensing fees from banks to be based on “total assets,” and reviewed the instructions related to practicing investment banking to compliance with the Securities Law, and the proposed amendments to the charter of the Audit and Risk Committee and the Emergency Readiness framework for Central Bank of Oman.
Furthermore, the Board reviewed a set of topics, mainly financial soundness indicators of banks, prospects and challenges of stability in the Omani economy, the semi-annual report on the project to enhancement of the monetary policy, and the quarterly “Mala’ah”, report. The Board also took stock of Central Bank of Oman’s financial position report, the position of reserves and the performance of CBO’s foreign investments.
This is in addition to reviewing a number of studies and topics listed on the agenda, on which the Board took appropriate decisions.
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