Muscat: The Executive President of the Central Bank of Oman (CBO), Hamoud bin Sanjour al-Zadjali, dismissed speculations about depreciating the local currency due to declining oil prices.
This came while al-Zadjali patronizing at the CBO HQs’ over the regular meeting for the CEOs and GMs of the commercial banks operate in the Sultanate on Monday.
He affirmed that the Omani economy is flexible and liberal and has many strong fundamentals that enable it to face any potential difficulties.
He affirmed that the meeting comes within the existing cooperation among banks, financial institutions and the CBO. He also affirmed that all are working to find sound solutions for the challenges and issues facing the banking sector.
He pointed out that the meeting provides an ideal opportunity to senior managers and banking policy makers to meet and exchange views on mutual issues of interest for the sector.
Commenting on the performance of the Islamic banking, he said that the assets of the Islamic banks grew by 67% from RO 808 in 2013 to RO 1346 in 2014. Deposits also increased by 305% from RO 170 million in 2013 to RO 688 million in 2014.