Wednesday 01 / January / 2025
Muscat: The Board of Governors of the Central Bank of Oman (CBO) on Sunday held its fourth meeting for 2024, at the CBO headquarters.
At the meeting, the Board approved the Regulations for the Banking Deposits Protection Law, and the Regulatory Framework for Open Banking, through which CBO continues to take all the necessary steps and measures to ensure that regulatory and supervisory frameworks support innovation in a safe and sustainable manner, and in a way that enhances the efficiency of the financial system.
To achieve the objectives of CBO’s modern financial technology roadmap, and within this framework, open banking will contribute to advancing the development of innovative financial products. In addition, open banking means using application programming interfaces (API) to enable secure data sharing between banks, Fintech companies, and other licensed institutions. Open banking gives consumers greater control over their financial data and access to customised services that meet their various banking needs.
During the meeting, the Board approved the 2025 annual budgets for CBO, Oman Credit and Financial Information Center (Mala'a) and the Banking Deposits Protection Scheme.
Furthermore, the Board reviewed a number of reports, including financial soundness indicators for banks, a report on CBO’s financial position. The Board also discussed the report on the position of the reserves and performance of foreign investments of CBO, combined with the quarterly report on the prospects and challenges of stability in the Omani economy, and the average economic growth outlook.
In addition, the Board reviewed the executive summary of the achievements made within the framework of the project to enhance the efficiency of CBO’s monetary policy, the report on cash liquidity in the banking sector and the 2024 annual report of Mala'a.
Finally, the Board reviewed a number of topics listed on the agenda and took appropriate decisions.
