(MENAFN- Muscat Daily) Muscat- The Central Bank of Oman's (CBO) board of governors on Monday held its second meeting of this year. The meeting was chaired by Sultan bin Salim al Habsi, deputy chairman of the CBO board.
Discussing the impact of Cyclone Mekunu, which hit Dhofar and Al Wusta regions on Friday, the CBO board appreciated the sincere efforts that have been exerted by all the concerned authorities and the citizens to mitigate the effects of the cyclone.
The board applauded the infrastructure efficiency of the banking sector, represented by the CBO's Salalah branch and branches of licensed banks operating in Dhofar and Al-Wusta, where they continued to provide all services that citizens and residents required in the affected areas.
The board urged the CBO's executive management to intensify efforts to ensure availability of financial services and to improve the financial sector infrastructure as well as ensuring that it is capable to withstand severe weather conditions.
The board reviewed the CBO's report on the sultanate's financial and economic position in the light of local and international developments.
The board also reviewed the recommendations included in the report of the International Monetary Fund and the World Bank mission on the Financial Sector Assessment Program (FSAP) and directed the CBO's executive management to follow up the implementation of the recommendations as far as possible.
The central bank board also reviewed the CBO's financial position as of April 2018.
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