Oman Housing Bank

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Posted by Admin» on 2- Nov- 2010 0 comments»

The Central Bank of Oman is responsible for maintaining the internal and external value of the national currency. It is also the single integrated regulator of Oman's financial services industry. It is committed to excellence in providing monetary and financial stability and fostering sound and progressive financial sector to achieve sustained economic growth for the benefit of the nation.
The Central Bank of Oman hereby announces the new issue of Government development bonds. The size of the new issue is fixed at RO 100 million with a maturity period of 4 years and will carry a coupon rate of 3.25% p.a. The issue will be open for subscription from 24th October to 4th November, 2010 while the auction will be held on Monday, November 8th 2010. The issue settlement date will be on 11th November, 2010. Interest on the new bonds will be paid on 11th May & 11th November, every year until maturity date on 11th November, 2014.

During the first quarter of 2010, there were early signs of pick up in the deposit growth while the credit growth continued to remain sluggish. Total assets increased by 8.5 percent in March 2010 to RO 14,869.4 million compared to RO 13,698.4 million in March 2009.
The report highlights the developments and improvement in the regulatory and supervisory functions of CBO and contains an analysis of banks performance in the country. The 2009 report also focuses on the future strategy of regulations and supervision, while shedding light on the development of the banking sector in the Sultanate and the evolution of regulatory and supervisory framework in the Central Bank of Oman.
Central Bank of Oman has decided to stipulate maximum bank charges effective from 1st June 2010, in super session of Circular BM 875 dated 20th October 1999. The Central Bank’s decision, as stated in earlier correspondence and in Bankers’ Meeting of 27th April 2010, is in response to increased number of genuine complaints from the bank customers and is intended not to bring uniformity but to provide a benchmark within which banks need to compete healthily. Central Bank pointed out that it has adopted a deregulated approach in general and follows a consultative process. Whenever any quantitative parameters are stipulated, it takes into consideration the underlying factors. Banks, accordingly, were requested not to treat bank charges, insurance premium etc unduly as an extra source of compensation.

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