Central Bank of Oman

The Central Bank of Oman was established during the early part of 1974. It was the inevitable of a process to steadily evolve the Omani economy. The bank was also set up with an aim to capitalize the country commendable economic prospects at that time.

Central Bank of Oman main Functions:

The functions of the CBO may be enlisted as below:
It is the depository agency on behalf of the Oman government.
It accepts two types of deposits from the commercial banks a) deposits sanctioned by Board of Governors and required by the Banking of Law. b) Voluntary deposits that are used for profit making purposes.
It regulates the commercial banks, finance and leasing companies, and specialized banks. It regulates the money exchange houses as well.
It provides credit to the regional banks and invests through sale and purchase of financial instruments.
It gives advance payment to the national government in case there are shortfalls in the recurrent revenues.
It fixes rediscount and discount rates.

Central Bank of Oman also manages loans for the government.
For the member banks it provides clearing house services.
It manages the foreign assets to address currency related issues.
It supervises, issues, and maintains a stable rate of the national currency, manages international assets.
It takes deposits from Omani and international banks as well as financial and monetary institutions.
It advises the government in economic issues as well as general, financial and monetary matters.

Central Bank of Oman – Board of Directors:
The board of directors of the CBO comprises the following members:
H.E. Dr. Ali bin Mohammed bin Moosa Deputy Chairman-CBO and Chairman Tender Board
Hamood bin Sangour bin Hashim Al Zadjali – CBO Executive President
H.E. Sultan Bin Salim Bin Said Al Habsi – Under Secretary Ministry of Finance
Dr. Hatim bin Bakheet Al Shanfari
Mohsin bin Haidar bin Darwish

Central Bank of Oman – Services:
The services of Oman s central bank can be mentioned as below:
Licensing a Money Exchange
Licensing a Bank

Central Bank of Oman – Investment:
The reserve bank of Oman offers the following investment options:
Development bonds
Certificates of Deposit – the tenders for the certificates of deposit are issued on Mondays, followed by the allotment on Tuesdays, and then issued to the successful banks on Wednesdays.
Treasury Bills – the treasury bills of the CBO have a maximum maturity period of one year. At present these debt financing securities are being sold for maturity periods of 91 days, 364 days, and 182 days.

Central Bank of Oman – Payment and Settlement Systems:
The payment and settlement systems operated by the apex banking institute of Oman can be mentioned as below:
Electronic fund transfer system
Real Time Gross Payment System (RTGS)
Automated Clearing House System (ACH)
Electronic Cheque Clearing System (ECC)

Central Bank of Oman – Financial Highlights:

As per the annual report for the fiscal year 2010:
Net Revenue = 7,916,500,000 Omani Rials
Profit = 70,000,000 Omani Rials
Total assets = 5,296,609,000 Omani Rials
Central Bank of Oman – Contact Details:
The contact details of Central Bank of Oman can be mentioned as below:
Central Bank of Oman
P.O. Box 1161,
Postal Code 112, Ruwi,
Sultanate of Oman
Phone: (+968) 24 777 777
Fax: (+968) 24788995
E-mail: CCR-Dept@cbo.gov.om

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Last Updated on : 23rd June 2015

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