More bank jobs for Omanis

MUSCAT — In a fresh impetus to providing more jobs for the locals, the Central Bank of Oman (CBO) raised Omanisation ratios in the financial services sector.

By (By a correspondent)

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Published: Tue 22 Mar 2011, 11:58 PM

Last updated: Tue 7 Apr 2015, 9:25 AM

The Board of Governors of the regulatory body held the first meeting of 2011 at CBO’s premises chaired by Dr Ali bin Mohammed bin Moosa, Deputy Chairman of CBO Board of Governors.

During the meeting, the Board decided to raise the targeted Omanisation rate in leasing and finance institutions from 75 per cent to 80 per cent until the end of 2012, while the Omanisation rates at the money exchange establishments would go up from 50 per cent to 65 per cent until the end of 2013.

The government has recently come under pressure to provide more employment opportunities to locals following protests and has already announced the creation of 50,000 jobs this year. Raising the localisation rates in the private sector companies is one method, which creates more jobs for Omanis.

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