Banks annual meeting addresses issues, challenges facing banking work

Hamoud bin Sangour al-Zedjali, Executive President of the Central Bank of Oman (CBO) on Monday chaired the annual meeting of CEOs, general managers and officials of banks operating in the Sultanate.

The CBO Executive President stressed the importance of this regular meeting, which comes within the framework of existing cooperation and coordination among banking institutions, CBO, its various departments and units.

He also affirmed the endeavors of all to find successful solutions for the issues and challenges facing the banking sector and facilitating its assignments.

Al-Zedjali also confirmed that the banks in the Sultanate fulfilled the minimum conditions of Basel III at the end of 2015. He added that the banks also maintained high levels of basic capital while the CBO financial tolerance evaluators continue in a bid to show the flexible banking system as each bank is required to identify weakness points and adopt proactive measures to limit such weakness.

The CBO Executive President also pointed out that as part of the continuous application of Basel III, the CBO has issued a paper of ideas on supporting reserve capital at the end of 2015 while the steering principles will be issued during 2016 to facilitate the implementation of the International Financial Reporting Standard “IFRS 9” in the Sultanate.

Those in the meeting presented several ideas and proposals on the themes raised by the meeting.

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