Central banks are typically created by the government with the goal of safeguarding banking stability for their countries. The Central Bank of Oman is an example of this. It was created in 1974 to be the central bank for the sultanate. Its primary goal is to maintain financial stability for the country, including lending money to banks in times of need.
In the 1974s, the Sultanate of Oman received a loan from Saudi Arabia to build a port and a gas pipeline. This prompted the establishment of the Central Bank of Oman to manage this loan and other investments. The current governor is Dr. Fahad Al-Raisi, who was appointed in 2016 following the retirement of Dr. Ahmed bin Jassim Al-Jufairi.
Debit Card Facilities
Facing the increasing popularity of debit cards, their demand for cheaper facilities, and the global trend of using electronic payments, Oman Central Bank has introduced facilities for locals to manage their accounts. The card can be used to pay for goods or withdraw money at any ATM in Oman or abroad. Cardholders also receive a monthly statement which tracks all transactions made on the card.
Instant Updates
Central Bank of Oman, also known as the Central Bank of Omani has announced that it released updated statistics on various economic indicators including the inflation rate, GDP growth and others. The updated data were released in order to make it easier for market participants to plan their short-term financial decisions. The updated data are compiled based on the last 12 months.
Salary Sorter
The Central Bank of Oman is an institution that manages the country’s monetary policy. The bank also focuses on regulating and supervising the banking sector, oversees exchange rates, and manages Oman’s international reserves. Recently, an article was released to the public outlining the bank’s plans for implementing a salary sorter. The new system will help to keep tabs on all of the country’s salaries that are paid into the bank.
Cash Withdrawals
It is not uncommon for people to withdraw cash from their bank account, but withdrawals from the Central Bank of Oman have been on the rise. The Central Bank of Oman has implemented new regulations and limits on how much cash can be withdrawn without proof of access to income and these limits range from $5,000-$20,000 depending on the person’s occupation and how long they have been a customer with the bank.
Extra Feature
Tracking Your Spending
The Central Bank of Oman is out to make sure that you are not spending too much. They plan to track all credit card transactions in order to be able to determine how much money the average citizen has spent. The bank officials claim that this will help them “manage inflation rates and balance the local economy,” but it seems like something else is going on here. There is a chance that this could easily turn into an Orwellian nightmare.
Cash Withdrawal Fees
Recently, the Central Bank of Oman increased cash withdrawal fees for customers who withdraw their funds from banks outside Oman. This change comes as a response to decreased liquidity and increasing costs in the country. Reports indicate that the new fee is 2 rial per transaction, an increase from 1 rial per transaction under the previous system. The intention behind this fee increase is to stabilize liquidity in Oman and discourage citizens from withdrawing money and putting it into non-interest bearing investments such as gold or jewelry.
Card Replacement Fees
Oman Central Bank customers are reporting that they are being charged the equivalent of $60 for card replacements. This is a fee that is not listed on their website or in any of their statements, and has given customers reason to wonder if it has been removed from the Omani law.
