Oman bank boss moves to calm fears over finance

Muscat: Hamood Sangour Al Zadjali, the executive president of the Central Bank of Oman, on Sunday night moved to eliminate doubts about banking institutes and financial markets in the country.

"The banking system in Oman is quite resilient and strong, with no exposure to the US mortgage markets," Al Zadjali said in a speech during the centenary celebration dinner hosted by the Bank of Baroda at the Crown Plaza Hotel.

"Banks in Oman are sound and well capitalised," he stressed in his address to a gathering of leading Omani businessmen and Ahmad Bin Abdul Nabi Macki, Minister of National Economy and Deputy Chairman of the Financial Affairs Council.

Sound policies

He also pointed out that banks in the country were facilitating business growth with proper controls. The Central Bank of Oman, with its sound policies, he added, was playing a crucial role in achieving its core objective of maintaining financial stability in the country.

He also said that friendly policies and the conducive environment in Oman played a key role in attracting foreign investment.