Central Bank of Oman : The Board of Governors (BoG) holds its third meeting of 2020

The Board of Governors (BOG) of the Central Bank of Oman convened its third meeting for 2020 this evening, Tuesday 29 September 2020. This is the Board's first meeting since the issuance of Royal Decree No. (117/2020) on 10 September 2020, forming the new Board of Governors of the Central Bank of Oman under the chairmanship of His Highness Sayyid Taimur bin Asa'ad bin Tariq Al Said . The meeting was held at CBO Head Office in the Commercial District, Wilayat Muttrah.

The meeting started with a welcome note from HH the Chairman of the BOG addressing the members, praying to Allah Almighty to grant them success in drawing up CBO and sector and continue the efforts for the development of the sector and the nation under the wise leadership of His Majesty Sultan Haitham bin Tariq Al Said. HH also expressed gratitude to the much-appreciated role, dedicated efforts and valuable contributions of the former BOG members during their tenure.

The BOG then went on to review the meeting's Agenda, and examined the financial and economic status report in light of the global and domestic developments and updates. The BOG also listened to a presentation given by the Executive Management on the banking sector's financial safety and soundness statements and performance indicators through banking regulatory and surveillance reports. In addition, the BOG reviewed the precautionary measures applied by CBO to mitigate the impacts of low oil prices and COVID-19 pandemic on the banking and other economic sectors.

Furthermore, the BOG reviewed CBO's financial position as of 31 July 2020, examined a report on the performance of CBO's foreign investments along with a report on the activities and functions of CBO departments during the third quarter of 2020 and approved the budget of the College of Banking and Financial Studies for the year 2020/21. The BOG also listened to an update regarding the implementation of CBO's strategy.

Discussions also covered a host of other topics listed on the Agenda and the Board made the appropriate decisions accordingly.