Over the last 50 years, Oman’s banking sector has been tapping opportunities to accelerate digital innovation. Over the years, the banking and finance sector in Oman has shown a remarkable level of maturity, adapting quickly to support the growth of the Sultanate, by implementing international quality standards and establishing technologically advanced digital solutions. A lot of banks have set up bases in Oman that manage the entire gamut of banking and finance work packages – catering to corporate and individuals alike. Presently, Oman’s banking sector has continued to perform well despite economic headwinds. Falling oil prices have increased the demand for credit and, as a result, banks’ lending and assets have continued to expand, although liquidity has tightened. According to a report by the International Monetary Fund (IMF), the Sultanate’s GDP is expected to grow 3 per cent in 2021, compared to -2.8 per cent in 2020, as the COVID-19 pandemic adversely impacts economies globally. Central Bank of Oman: pioneering change since inception Established in early 1974, Central Bank of Oman has been at the forefront of driving change and providing the required impetus to the country’s banking sector. Until 1970, Oman had no regulatory body to supervise the monetary and banking system. With the...read more...
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