Privatisation efforts and reforms by the Sultanate’s government will have more of an immediate impact and allow private sector business to grow and foster an investment-friendly environment in Oman, according to Tahir Al Amri, Executive President, Central Bank of Oman (CBO)
Speaking to Oxford Business Group (OBG), the global research and advisory company, the top official of Oman’s central bank said, “The growth of public-private partnerships and privatisation efforts will have a more immediate impact, as the government and private sector are equally involved and working together.”
He added, “Also, the privatisation of more mature sectors, such as utilities, will offer the private sector more business opportunities to grow.”
The official also touched upon the measures, which have been implemented by the bank to enhance the ease of doing business in Oman, including the reduction of minimum Capital Adequacy Ratio by one percentage point in 2018 and implementing the bank resolution framework earlier in 2019.
In the interview, which will appear in The Report: Oman 2020, Amri accepted that some reforms, such as the bankruptcy law, will need some time. However, he added that other reforms already implemented would deliver results sooner rather than later.
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Amri also spoke about strengthening the nation’s position further to be able to tap fintech opportunities through key developments such as “laying down the infrastructure for payment systems with the ratification of the payments law in February 2018, which was a huge step in establishing the usage of eWallets.”
Moreover, he added, that they were planning to allow non-banking fintech entities to operate under a new and separate licence. Currently, all fintech-related players, holding banking licences, are monitored by the CBO.
Amri also revealed in the interview that CBO was encouraging banks to issue contactless cards and said, “We are really looking forward to the extensive benefits fintech is bringing to the Sultanate, namely the provision of faster and more affordable financial services to customers and enhanced financial intermediation in terms of both increased outreach and efficiency.”
