CBO board cuts interest rates on personal loans

The Central Bank of Oman’s board of governors yesterday held its first meeting of the year chaired by Dr Ali bin Mohammed bin Moosa, health minister and deputy chairman of CBO’s board of governors.

The board has reduced the interest rate ceiling on new personal loans offered by commercial banks operating in the Sultanate from 9 per cent to 8.5 per cent per annum starting from April 1.

The board also reviewed the various issues including the economic and financial report of CBO up to December 2007 besides the activity report of different departments during the period under review.

It also approved the application of Oman Company for Hotels and Tourism to allow it to increase its share in United Finance Company capital from 10 per cent to 35 per cent.

The board also approved the application of Travelex to allow it to carry on remittance, draft services and open branches in the Sultanate. The board has also approved in principle the application of Muscat Finance Company LLC and the National Finance Company to allow them to merge.

The board also approved CBO’s audited accounts and the banks deposit insurance scheme accounts up to December 31, 2007. It also reviewed the administrative report of the external audit bureau and the annual report of CBO’s internal audit committee.

The board discussed the recommendations included in the reports of IMF, the World Bank and directed the executive management to follow up implementation of all the said recommendations as far as possible.

The board has reviewed the financial and administrative matters of the CBO and has taken necessary decisions.

Source:http://timesofoman.com/inner_cat.asp?cat=1&detail=15423&rand=0QfjweFv5sTKvjUne56pnx0u9i