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Oman’s central bank approves regulations for Banking Deposits Protection Law

Oman’s central bank approves regulations for Banking Deposits Protection Law

Oman’s central bank approves regulations for Banking Deposits Protection Law

Dec 30, 2024

Muscat – The Board of Governors of the Central Bank of Oman (CBO) convened for its fourth meeting of 2024 on Sunday at the CBO Headquarters. During the meeting, the board approved the Regulations for the Banking Deposits Protection Law, as well as the Regulatory Framework for Open Banking.

In a statement to the Oman News Agency, the CBO highlighted that it continues to take all necessary steps and measures to ensure that regulatory and supervisory frameworks support innovation in a safe and sustainable manner, enhancing the efficiency of the financial system.

As part of its financial technology (fintech) roadmap, the CBO stated that open banking will play a significant role in advancing the development of innovative financial products. Open banking allows for the use of application programming interfaces (APIs) to facilitate secure data sharing between banks, fintech companies, and other licensed institutions.

This will empower consumers with greater control over their financial data and provide them with access to tailored services that meet their diverse banking needs.

During the meeting, the CBO board also approved the 2025 annual budgets for the Central Bank of Oman, the Oman Credit and Financial Information Centre (Mala’a), and the Banking Deposits Protection Scheme.

Furthermore, the board reviewed a number of reports, including the financial soundness indicators for banks, a report on the CBO’s financial position, and the performance of the reserves and foreign investments held by the CBO. The board also discussed the quarterly report on the prospects and challenges for stability in the Omani economy, along with the outlook for average economic growth.

Additionally, the board reviewed the executive summary of achievements made under the project to enhance the efficiency of the CBO’s monetary policy, a report on cash liquidity in the banking sector, and the 2024 annual report of Mala’a.

Finally, the board reviewed various topics on the agenda and made the necessary decisions.