- Central Bank of Oman
company_name = Central Bank of Oman
foundation = (1974)
Finance and Insurance
homepage = [http://www.cbo-oman.org/ www.cbo-oman.org]
The Central Bank of Oman was established in December 1974 and began operations on 1st April 1975. It replaced the Oman Currency Board as the principal currency authority in Oman.
The Central Bank of Oman is responsible for maintaining the stability of the national currency the
Omani Rialand ensuring monetary and financial stabilityin a deregulated and open financial system. The capital base of the CBO which was one million Omani Rials at the commencement of operations in 1975, was strengthened over time and since April 2002 has remained at R0300 million. At the end of 2005, CBO's assets/liabilities totalled RO 1826.4 million.
banking systemhas experienced several mergers since the 1990s and as a result the number of of the commercial banks improved to reach 18.5 percent in 2005.
The Sultanate has made significant progress in implementing the new capital Adequacy criteria laid down in the Basel-II Accord. The adoption of
Basel IIwould transform the current approaches and tools of supervision of the CBO as well as the audit and risk managementpractices of banks.
The CBO also administers and participates in the financing of a Bank deposit insurance system, which provides the commercial banks with a high level of security for deposits, while cushioning the effects of any unforeseen circumstances. The CBO also has an early warning system for commercial banks that enables it topredict possible financial crises and take preventive action when necessary.
monetary policyinstruments under the CBO's command could be broadly categorized into indirect measures and direct measures. Indirect policy (market oriented) measures include open market operations involving the buying and selling of securities, issuance of Central Bank's own securities, swaps etc. CD auctions are the main open market type operations conducted by CBO to absorb Omani Rial liquidity and banks can repossess these CDs to acquire liquidity both in the inter-bank market as well as the CBO. Direct monetary policy instruments used by the CBO are mainly in the form of reserve requirements and lending ratios .
The CBO has put in place an efficient and advanced payment and settlement system in Oman. launch of the
Real Time Gross Settlement System(RTGS) was the first milestone and went into live operations on 28 September 2005.
Economy of Oman
* [http://www.cbo-oman.org Central Bank of Oman]
Wikimedia Foundation. 2010.
Look at other dictionaries:
Central Bank of Iraq — البنك المركزي العراقي The Central Bank of Iraq, guarded by U.S. troops in … Wikipedia
Central Bank of the Dominican Republic — The Central Bank of the Dominican Republic (Spanish: Banco Central de la República Dominicana, BCRD) was established by the Monetary and Banking Law of 1947 as the central bank of the Dominican Republic, responsible for regulating the country s… … Wikipedia
Central Bank of Nigeria — Central Bank of Nigeria … Wikipedia
Central Bank of Cyprus — Kεντρική Τράπεζα Κύπρου (Greek) Kıbrıs Merkez Bankası (Turkish) … Wikipedia
Central Bank of Montenegro — Centralna Banka Crne Gore … Wikipedia
Central Bank of the Democratic People's Republic of Korea — 조선민주주의인민공화국중앙은행 Joseon Minjujueui Inmin Gonghwaguk Jungang Eunhaeng Headquarters Pyongyang Central bank of Democratic People s Republic of Korea Currency North Korean won ISO 4217 Code … Wikipedia
Central Bank of Somalia — Bankiga ee Dhexe ee Soomaaliya البنك المركزي في الصومال Headquarters … Wikipedia
Central Bank of Azerbaijan — Azərbaycan Mərkəzi Bankı Central Bank of Azerbaijan Headquarters … Wikipedia
Central bank — Part of a series on Government Public finance … Wikipedia
Central Bank of Iceland — The Central Bank of Iceland (Icelandic: Seðlabanki Íslands) is the central bank or reserve bank of Iceland. It has served in this capacity since 1961, when it was created by an act of the Alþingi out of the central banking department of… … Wikipedia