CBO Board Reviews SME Financing, Green Initiatives, and Digital Transformation

Oman, 17 September, 2024 : The Central Bank of Oman (CBO) Board of Governors met at its head office in Muttrah Business District for its third meeting of the year. The Board discussed several key topics, including the upcoming implementation of the partial payment system for cheques and urged relevant authorities to finalize their preparations.

The Board reviewed a report on SME financing, noting that credit facilities for SMEs reached 3.7% of the banking sector’s lending portfolio as of June 2024, falling short of the 5% target. The Board expressed support for increasing this percentage and enhancing support for SMEs.

To bolster financial stability and promote a green economy, the Board approved CBO's accession to the Network for Greening the Financial System (NGFS), aimed at managing environmental and climate risks.

In light of ongoing digital transformation, the Board directed efforts to explore global best practices for digital banking services. Additionally, it approved the annual budget for the College of Banking and Financial Studies for 2024-2025.

The Board reviewed various reports, including financial safety indicators, CBO’s financial position, reserves, foreign investments, and financial stability challenges. It also assessed the semi-annual report from the Supreme Sharia Supervisory Board and the quarterly report from the Oman Credit and Financial Information Center "Mala'a."

The meeting concluded with decisions on several agenda items, reinforcing the Board’s commitment to financial innovation and stability.

Source : www.omannews.gov.om