Oman's banking sector on firm footing: H E Zadjali

2015-01-27 01:03:46

(MENAFN- Muscat Daily) Oman's banking sector possesses the flexibility and diversity required to handle changing macroeconomic indicators including the slump in oil prices according to H E Hamood bin Sangour al Zadjali executive president of the Central Bank of Oman (CBO).

In an interview to a local Arabic daily H E Zadjali said the excellent liquidity levels of Omani banks allow them to fund economically feasible domestic projects.

He added that Oman's banking sector continues to move ahead in performing its economic role amid monitoring by the CBO.

The central bank chief pointed out that the sector is subject to close monitoring in line with international standards. The capital adequacy ratio (CAR) was 15.1 per cent at the end of September last year against 12 per cent stipulated by CBO.

H E Zadjali added that banks have been maintaining high-quality credit portfolios with the bad debt to total loan ratio recording 2.2 per cent at the end of September last year compared with 2.1 per cent in 2012 and 2013.

"Overall personal loans stood at RO7.6bn at the end of 2014" he added.

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