CBO’s Board of Governors

Set Credit Card Interest Rate Ceiling at 18% - 20% p.a.

The Central Bank of Oman’s Board of Governors set a ceiling interest rate of 18% p.a on salary assigned Credit Card facilities offered by banks operating in the Sultanate to their clients and 20% p.a on others as a maximum limit. The decision was made in its second meeting of the year concluded on 16^th May 2010 and chaired by H. E. Dr. Ali bin Mohammed bin Moosa, Deputy Chairman of CBO’s Board of Governors and Chairman of the Tender Board.

The Central bank of Oman’s Board of Governors concluded on 16^th May 2010 its second meeting of the year. The meeting was chaired by H. E. Dr. Ali bin Mohammed bin Moosa, Deputy Chairman of CBO’s Board of Governors and Chairman of the Tender Board.

The Board reviewed the various issues on the agenda of its meeting, including the Economic and Financial report upto 31^st March 2010, as well as the activity reports of CBO’s Departments during the period under review.

The Board decided to impose a ceiling interest rate of 18% p.a on salary assigned Credit Card facilities offered by banks operating in the Sultanate to their clients and 20% p.a on others as a maximum limit.

Besides, the Board deliberated the recommendations included in the Report of the of IMF and World Bank mission on Financial Sector Assessment Program (FSAP) , and directed CBO’s executive management to follow-up on the implementations of all the said recommendations. The Board also discussed the annual report of CBO’s Deposit Insurance Scheme (BDIS) for the year 2009.

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

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