• Oman

    • CBO Reviews Report on Financing SMEs; to implement partial payment system for cheques in the banking sector

    By on September 17, 2024
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    CBO to implement partial payment system for cheques in the banking sector

    Muscat: The Board of Governors of the Central Bank of Oman (CBO) today convened its third meeting for this at CBO head office, Muttrah Business District.

    During its meeting, the Board affirmed the preparedness of the CBO to implement the partial payment system for cheques in the banking sector and urged other authorities concerned to complete their readiness.

    The Board also approved several regulatory requirements related to activating the Wage Protection System. Moreover, the Board reviewed a report on financing small and medium enterprises (SMEs), where credit facilities amounted to 3.7% of the banking sector’s lending portfolio until June 2024, out of the targeted minimum percentage of 5%.

    The Board expresses its satisfaction with what has been achieved in this regard, stressing its continued support for increasing the percentage and for everything that contributes to supporting these institutions from the banking sector.

    To enhance its efforts in maintaining financial stability and supporting green economy, the Board approved for CBO to complete its accession requirements to join the Network for Greening the Financial System (NGFS). This will enhance efforts and contribute to the role of the banking sector in managing environmental and climate change risks through cooperation with local and international institutions and bodies that adopt green economy initiatives.

    In light of the digital transformation and the Board’s efforts to enhance innovation and keep pace with technological developments in the banking sector, the Board has directed to look at the best global practices in providing digital services. ‏

    The Board also approved the annual budget of the College of Banking and Financial Studies for the academic year 2024-2025. ‏In addition, the Board reviewed a number of reports, including financial safety indicators of banks, a report on CBO’s financial position, a report on the position of reserves and the performance of CBO’s foreign investments, and the prospects and challenges of financial stability in the Omani economy.

    Furthermore, the Board reviewed the semi-annual report of the Supreme Sharia Supervisory Board for the first half of 2024, the quarterly report of Oman Credit and Financial Information Center “Mala’a” for the year 2024.

    The Board also took stock of the report on assessing the liquidity situation in the banking sector. Finally, the Board reviewed a number of topics listed on the agenda, on which it made the appropriate decisions.  – ONA

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