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CBO Board Holds its First Meeting of 20213/28/2021 8:00:00 PMCBO Board Holds its First Meeting of 2021The Central Bank of Oman convened its first Board of Governors meeting this year, on Monday, 29 March 2021.<p style="text-align:justify;">​</p><p style="text-align:justify;"><span class="ms-rteThemeFontFace-1 ms-rteFontSize-2">The Central Bank of Oman convened its first Board of Governors meeting this year, on Monday, 29 March 2021. The meeting was chaired by His Highness Sayyid Taimur bin Asa'ad bin Tariq Al Said – Chairman of CBO's Board of Governors, and was held at CBO Head Office in the Commercial District, Wilayat Muttrah.</span></p><p style="text-align:justify;"><span class="ms-rteThemeFontFace-1 ms-rteFontSize-2">Beginning the meeting deliberations, the Board commended the economic stimulus plan, proclaimed by His Majesty the Sultan to support the economic recovery efforts and to enhance the performance of the national economy. His Majesty who presided over the meeting of the cabinet session No. 10/2021, held on March 9, 2021, granted his royal approval and patronage to the stimulus plan. </span></p><p style="text-align:justify;"><span class="ms-rteThemeFontFace-1 ms-rteFontSize-2">In the meeting, the Board also appreciated the efforts and measures taken by CBO to minimize the impact and repercussions of the ongoing economic conditions on the performance of the national economy.</span></p><p style="text-align:justify;"><span class="ms-rteThemeFontFace-1 ms-rteFontSize-2">The Board, which took stock of the economic, financial and monetary developments in the Sultanate and across the world, underlined the importance of maintaining banking sector's core strength and its ability to bolster the national economy. Likewise, the Board also emphasized the critical role played by financial institutions in providing appropriate financial support and guidance to their customers, enabling them to counter the negative effects of the pandemic. </span></p><p style="text-align:justify;"><span class="ms-rteThemeFontFace-1 ms-rteFontSize-2">The Board also examined a set of reports submitted to it, for its perusal, including the one on the prospects and challenges being faced by the Omani economy in view of the ongoing economic conditions.  Other reports which came up for the Board's scrutiny included a report on the financial position of the Central Bank of Oman, a banking surveillance report indicating the financial safety data and performance indicators of the banking sector, and a report explaining the status of Small and Medium Enterprises (SMEs) financing by banks. </span></p><p style="text-align:justify;"><span class="ms-rteThemeFontFace-1 ms-rteFontSize-2">The Board also reviewed the Quarterly report of the Oman Credit and Financial Information Center (Mala'a), and approved the audited final accounts of the Central Bank of Oman and its subsidiary institutions and systems, including the Oman Credit and Financial Information Center -"Mala'a", Banking Deposits Insurance Scheme (BDIS), and CBO employees' pension scheme until December 31, 2020.</span></p><p style="text-align:justify;"><span class="ms-rteThemeFontFace-1 ms-rteFontSize-2">It also reviewed several other topics listed as part of its meeting agenda and took appropriate decisions accordingly. </span></p>0x010100C568DB52D9D0A14D9B2FDCC96666E9F2007948130EC3DB064584E219954237AF3900075E4FF44B3F64489802BE694C5C6FB70300A9BCF8A0432A87429120A5B0A0EDBFF9

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