Home Banking and Insurance Oman's Central Bank to Introdu...

Oman's Central Bank to Introduce Partial Payment System for Cheques

Banking and Insurance

Oman's Central Bank’s New Partial Payment System

Business Honor
17 September, 2024

New Initiative Aims to Strengthen Banking Flexibility and Financial Stability

Oman’s Central Bank is set to implement a partial payment system for cheques, signaling a key advancement in the nation’s banking sector. This system is designed to enhance payment flexibility and mitigate the impact of cheque rejections, promoting smoother transactions across the financial landscape.

During a recent board meeting, several important reports were reviewed, including those on the financial safety indicators of banks, the Central Bank of Oman’s (CBO) financial standing, and the liquidity situation in the banking sector. Additionally, the board assessed the performance of the country’s foreign investments and the challenges surrounding financial stability in the Omani economy.

The board also approved the annual budget for the College of Banking and Financial Studies for the 2024-2025 academic year. Moreover, discussions included the semi-annual report of the Supreme Sharia Supervisory Board and the quarterly report of Oman Credit and Financial Information Center “Mala’a.”

These initiatives reflect Oman’s proactive stance in addressing economic challenges and ensuring the long-term resilience of its banking sector, positioning the country for sustained financial stability and growth.