From The Report: Oman 2023
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As a cornerstone of the economy, Oman’s banking sector experienced significant growth and development between 2012 and 2022. While the disruption caused by the Covid-19 pandemic – and in particular its knock-on effects on global energy markets, supply chains and inflation – has weighed on the pace of expansion, Omani banks’ strong performance and stability in the years preceding the health crisis have allowed the sector to weather the multiple global economic headwinds since 2020. One of the key strengths of the banking sector is its well-regulated environment, which is overseen by the Central Bank of Oman (CBO). The CBO has implemented strict regulations to ensure that banks operate in a safe and sound manner, which has helped to maintain the stability of the wider financial system. It has also implemented measures to promote financial inclusion, such as the introduction of mobile banking and the expansion of branch networks to reach underserved areas.

This chapter contains an interviews with Tahir bin Salim Al Amri, Executive President, Central Bank of Oman; and Sheikh Waleed Khamis Al Hashar, CEO, Bank Muscat.