No move to depreciate Omani rial

MUSCAT: Hamoud bin Sanjour al Zadjali, Executive President of the Central Bank of Oman (CBO), dismissed speculations regarding any move to depreciate the local currency due to fall in oil prices.

This came while Al Zadjali presided over the regular meeting for the CEOs and GMs of various commercial banks operating in the Sultanate yesterday. He said that the Omani economy is flexible and liberal and has strong fundamentals which enable it to face any potential difficulties. He affirmed that the meeting comes within the existing cooperation among banks, financial institutions and the apex bank. Turn to p4

Al Zadjali also affirmed that all are working to find solutions for the challenges and issues being faced by the banking sector. He pointed out that the meeting provides an ideal opportunity to senior managers and policy makers in the banking sector to meet and exchange views on mutual issues of interest. Commenting on the performance of Islamic banking in the country, he said that the assets of the Islamic banks grew by 67 per cent from RO 808 million in 2013 to RO 1,346 million in 2014. Deposits also increased from RO 170 million in 2013 to RO 688 million in 2014.

SOURCE: OMAN DAILY OBSERVER

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