Haitham bin Tariq orders the Central Bank of Oman to package new measures to support the economy
Haitham bin Tariq orders the Central Bank of Oman to package new measures to support the economy

On the instructions of Haitham bin Tariq, a few steps ago, the Central Bank of Oman took new executive steps and measures to revitalize the Omani economy for fear of collapse, after the current crisis due to the Corona virus and its impact on the economy in the Sultanate of Oman. ...

On the sidelines of that urgent meeting, the Central Bank of Oman took these villages in order to support the economy of the Sultanate of Oman, with the aim of helping banks, finance and financial leasing companies overcome the repercussions of the crisis on the national economy.

According to what was monitored by “Al-Nasr newspaper” from a publication issued by the Central Bank in the Sultanate of Oman that was circulated on social media, the Central Bank of Oman decided to take a package of incentive measures as follows:

1- First, reduce the proportion of the protective capital by fifty percent, from 2.5% to 1.5%.

2- Increasing the credit rate by five percent from 87.5% to 92.5% and facilitating lending to productive sectors, including health care services.

3- Responding in the present time to all requests to postpone the payment of installments and interest / profits of loans affected by the repercussions of the current situation, especially for small and medium enterprises, and that period is six months with immediate effect and that does not affect its credit rating.

4- Exempting the loans related to financing government projects for the year 2020 AD from the credit rating for a period of six months, in accordance with the instructions mentioned by the Central Bank in the circulars previously issued in this regard.

5- Consider reducing the current fees imposed on the various banking services and not adding any new fees during the year 2020AD.

6- Reducing the interest rate on repurchases by seventy-five basis points to 0.50% and raising the maximum period for repurchases to three months.

7- Reducing the interest rate on government treasury bill deductions by 100 basis points to one percent.

8- Reducing the interest rate on foreign exchange swaps by 50 basis points, and raising the maximum period for currency swap operations to six months.