Central Bank of Oman
Central Bank of Oman | |
---|---|
Location | Muscat , Oman |
Founding date | 1974 |
President (chairman) | Ali bin Mohammed bin Moosa |
Currency | Omani rial |
Web site | www.cbo-oman.org |
Predecessor | Monetary Council of Oman |
Content
History
Until 1959, various banknotes were used in circulation, mainly Indian rupee and Maria Theresa thaler . Since 1959, in parallel with them, the Persian Gulf rupee, issued by the Reserve Bank of India, began to be used. After the devaluation of the Indian rupee in June 1966 and the subsequent devaluation of the Persian Gulf rupee, the use of the latter was discontinued.
In 1970, the Muscat Currency Authority was created, which began in May of the same year the issuance of the national currency - Saidi rial . In 1972, the Muscat Monetary Authority was renamed the Oman Currency Board.
In 1974, the Banking Law was passed establishing the Central Bank of Oman, which was transferred to the functions of the Monetary Council. The bank began operations on April 1, 1975 [1] .
Powers and Functions
The general management of the Central Bank of Oman is provided by the Board of Governors. The Council has the authority to manage all the operations of the Central Bank and to control commercial Omani banks. The council consists of 7 governors appointed by decree of the Sultan of Oman. The Council’s responsibilities include, inter alia, developing and issuing rules for applying the law on banks, setting primary and secondary interest rates for commercial securities, supervising the provision of banks with capital, etc. In 2004, an amendment to the law on banks was passed, providing the Council with governing powers in the field of banking audit:
- development and publication of minimum requirements for the frequency of audits, qualifications and experience of external auditors of banks;
- the right to reverse the decisions of banks to attract or refuse the services of a specific external auditor.
- external auditors were obliged to inform the Central Bank of all violations identified during the audit.
The main functions of the Central Bank of Oman are:
- custody of the funds of the government of the Sultanate of Oman;
- urgent government lending;
- disposal of government loans;
- maintaining part of the external assets of the sultanate as security for the money supply in circulation;
- adoption of regulatory deposits in accordance with the law on banks or decisions of the Board of Governors, as well as voluntary deposits of banks;
- lending to local banks (lender of last resort) and purchase and sale of financial instruments;
- setting a refinancing rate;
- performing the functions of a clearing house for banks - members of the Central Bank clearing system;
- issue, regulation of circulation, maintaining the course of the Omani rial and managing foreign assets;
- advising the government on general economic and monetary issues;
- supervision of the functioning of the banking system and the publication of regulatory acts in the banking sector.
Notes
- ↑ Butakov, 1987 , p. 191-192.
Literature
- Butakov D.D., Zolotarenko E.D., Rybalko G.P. World Currencies: A Handbook / Ed. S.M. Borisova, G.P. Rybalko, O.V. Mozhaiskova. - 5th ed., Revised. and add. - M .: Finance and Statistics, 1987. - 383 p.
Links
- cbo-oman.org (English) - official website of the Central Bank of Oman