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HuaweiOman hikes minimum capital limits for banks
MUSCAT—The Central Bank of Oman (CBO) has hiked the minimum capital of Omani commercial banks to RO50 million from the present RO20 million. For branches of foreign banks, the new capital limit is set at RO10 million.
Banks have been given a period of three years to abide by the new stipulation. The decision was taken at a meeting of CBO's board of governors here on Sunday presided over by Dr Ali bin Mohammed bin Moosa, Health Minister and deputy chairman of the bank, which reviewed a report on the performance of commercial banks in the country this year. The board rejected an application to establish a new local commercial bank, noting that the decision was in line "with the Sultanate's policy to encourage mergers among commercial banks."
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