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Central Bank of Oman
Central Bank of Oman - 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.
- It 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
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Last Updated on : 30th July 2013