The Central Bank of Oman acts as the depository agency for the Government of the Sultanate of Oman.
It’s also the regulator of the Oman’s commercial banks, specialized banks and finance and leasing companies. Money exchange houses also are regulated by the Central Bank of Oman.
It makes advance payments to the Government in respect to temporary deficiencies in recurrent revenues.
It manages loans on behalf of the Government.
It maintains, at all times, a part of the Sultanate′s foreign assets as cover for the currency in circulation at prescribed ratios.
It accepts deposits from banks operating in the Sultanate and from other foreign Central Banks, International Monetary and Financial Institutions. There are two types of deposits that the Central Bank of Oman accepts from commercial banks: deposits which are required by the Banking Law or sanctioned by the Board of Governors and voluntary deposits which are deposited by banks′ own will with a view to gain the benefits attached to such deposits.
It advances credit to local banks and engages in investment activities through the purchase and sale of financial instruments.
It determines discount and rediscount rates.
It provides clearing house services for all member banks.
It issues the national currency, supervises its circulation, preserves its value and manages foreign assets.
In addition to the above mentioned traditional functions, the Central Bank of Oman also acts as the advisor of the Government in economic matters in general and monetary and financial matters in particular.
History
The Central Bank of Oman was established in 1974
(last updated: 24-September-2007)
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Oman \ Central Banks And Financial Regulatory Institutions \ Central Bank of Oman
