He added that it was also meant to enhance their competitiveness visa-a-vie foreign banks, both locally and abroad, and prepare them to apply the new capital adequacy criteria (Basel Pact II), which required banks to increase their capital by the end of this year.
Zedjali said the new regulation would also help banks in their plans to expand in the Gulf and regional markets.
He noted that out of the five local banks, three had already increased their capital to more than RO50 million and the rest would "easily do so, thanks to the good results achieved by banks and the expansion of the economic and banking activity in the country."CBO last week also fixed capital of branches of foreign banks operating in Oman at a minimum of RO10 million which, Zedjali said, was aimed at encouraging them "to contribute to financing the private sector's economic activity in the Sultanate."
A total of 23 market announcements were recorded during Abu Dhabi Finance Week
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The measure coincides with the UAE’s Union Day celebrations and its hosting of the UN Climate Change Conference COP28
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Sheikh Hamdan said that this is an exceptional mission for the sake of the planet and our future generation