Latest news with #CentralBankofOman
Zawya
15-07-2025
- Business
- Zawya
Central Bank of Oman issues treasury bills worth over $26mln
Muscat: The Central Bank of Oman (CBO) announced Monday that the total value of government treasury bills allocated this week amounted to OMR 10.25 million. The bank explained in a statement today that these bills are allocated for a maturity period of 91 days, with an average accepted price of OMR 98.941, and a minimum accepted price of OMR 98.930 per OMR 100. The average discount rate was 4.24871 percent, and the average return was 4.29421 percent. The statement indicated that the interest rate on repurchase operations with the CBO on these bills is 5 percent, while the discount rate on the CBO treasury bill facility is 5.50 percent. Treasury bills are a short-term, secured financial instrument issued by the Ministry of Finance to provide investment opportunities for licensed commercial banks. The CBO acts as the issue manager for these bills. © Dar Al Sharq Press, Printing and Distribution. All Rights Reserved. Provided by SyndiGate Media Inc. (
Observer
05-07-2025
- Business
- Observer
Bank lending in Oman rises 8% in May
MUSCAT: Credit extended by the Omani banking sector grew by 8 per cent by the end of May 2025, reaching a total of RO 33.6 billion, according to new data from the Central Bank of Oman (CBO). Private sector lending rose by 6.8 per cent to RO 27.9 billion. Of this, the non-financial corporate sector held the largest share at 46.4 per cent, followed by the individual sector at 44.2 per cent. The financial corporate sector accounted for 5.7 per cent, with the remaining 3.7 per cent distributed across other segments. Meanwhile, total deposits in the banking sector climbed 7.9 per cent year-on-year to RO 32.3 billion. Private sector deposits also recorded growth, increasing by 7.4 per cent to RO 21.9 billion. Within this, individuals made up the largest portion at 49.5 per cent, followed by the non-financial and financial corporate sectors at 30.7 per cent and 17.5 per cent, respectively. The remaining 2.3 per cent came from other sectors. — ONA
Zawya
03-07-2025
- Business
- Zawya
Strengthening Cybersecurity: BankDhofar's ongoing commitment to customer protection
MUSCAT: From the earliest stages of its digital transformation journey, BankDhofar has prioritized the implementation of robust cybersecurity frameworks. Through advanced systems, strict policies, and comprehensive procedures, the bank continues to safeguard its digital infrastructure against cyberattacks. This strategic focus not only ensures safe, seamless, and reliable services for customers but also aligns with Oman's broader objective of building a resilient digital economy as envisioned in Oman Vision 2040. BankDhofar remains a pioneer in the digital evolution of the banking and financial sector in Oman, consistently investing in cutting-edge technologies and secure banking systems to protect customer transactions. One of its notable security enhancements is the deployment of the 3D Secure protocol, which adds an extra layer of verification for online card transactions to reduce fraud. The bank also ensures full compliance with regulatory standards and directives set by the Central Bank of Oman. Among the latest frameworks is the Cybersecurity Regulatory Framework introduced in 2023. This directive outlines requirements for all banks and financial institutions in Oman to maintain robust cybersecurity governance. It addresses critical areas including risk management, technology and operations, compliance, audit, and third-party vendor oversight—ensuring institutions can respond dynamically to evolving cyber threats. BankDhofar views cybersecurity as a shared responsibility. While the bank continuously fortifies its defenses, it also encourages customers to stay alert and informed. Digital threats continue to grow in sophistication, making it vital for customers to adopt secure practices, such as avoiding suspicious links and never disclosing personal or financial information to unverified sources. In line with this, the bank actively conducts awareness campaigns via its website and social media platforms, educating the public on common electronic fraud tactics—such as phishing calls or emails that aim to steal sensitive information including civil ID numbers, card details, or login credentials. BankDhofar urges all customers to exercise caution and refrain from sharing confidential information. In case of doubt or suspicious communication, customers are encouraged to immediately contact the bank's 24/7 call center or report the incident to the Royal Oman Police. The bank also recommends several essential security practices: regularly changing PINs and passwords, installing trusted antivirus software, updating the mobile banking app through official app stores, and using biometric features like fingerprint or facial recognition for app access. Additionally, customers should avoid using public networks for financial transactions and remain cautious when using ATMs, cash deposit machines, or interactive banking kiosks. Through proactive investment in technology and public education, BankDhofar reaffirms its dedication to creating a secure digital banking environment for all.
Time of India
02-07-2025
- Business
- Time of India
IBAN rules for local and international transfers in Oman have changed: What you need to know
From July 1, 2025, Oman mandates IBAN for all domestic transfers, while international payments no longer require it/ (Representative Image) The Sultanate of Oman has announced that beginning July 1, 2025, the use of the International Bank Account Number (IBAN) will be mandatory for all domestic financial transactions. This change comes as part of the Central Bank of Oman's efforts to enhance the efficiency, speed, and accuracy of financial operations within the country. The mandate had already been implemented for international transfers earlier this year, and now it extends to transactions within Oman itself. IBAN Requirement Extended to Domestic Transfers The Central Bank of Oman had previously made IBAN compulsory for international transfers starting March 31, 2024, and the results have been positive. According to a statement from the Central Bank of Oman, this move has already 'significantly improved transaction accuracy, reduced errors, and accelerated processing times for both local and international bank transfers.' Now, beginning July 1, 2025, all domestic financial transfers within Oman must include the IBAN. This means individuals and businesses making local payments between Omani banks will be required to use this standardized format. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like 5 Books Warren Buffett Wants You to Read In 2025 Blinkist: Warren Buffett's Reading List Undo In a key clarification, the Central Bank also confirmed that international transactions will still be accepted without an IBAN — a change from the previous requirement. This implies more flexibility for foreign entities transferring money into Oman. Regional Banks Begin Issuing Guidance The regulatory change has also prompted responses from financial institutions in neighboring countries. The Emirates NBD app, a major banking platform in the UAE, has started displaying an awareness message for users sending money to Oman. The advisory on the app states: "In line with new regulatory mandates, IBAN is now a mandatory requirement for all payments to Sultanate of Oman, starting from July 1, 2025." To ensure compliance, Emirates NBD is urging customers to update beneficiary details. It added: "Please delete and re-add your beneficiaries in Oman using their IBAN to avoid payment failures. Kindly note a cooling period of 4 hours will apply for newly added beneficiaries." This practical advisory is a proactive step to avoid disruptions and failed transactions once the regulation comes into force. What Is IBAN and Why It Matters The International Bank Account Number (IBAN) is a globally standardized format for identifying bank accounts across countries. It's designed to streamline cross-border payments and reduce the chance of errors. Here's what makes IBAN important: It includes country-specific codes (e.g., "AE" for the UAE or "OM" for Oman), check digits, and the traditional account number. It serves as a universal identifier, much like a postal code for bank accounts. It does not replace the local account number but works as an added layer for enhanced accuracy. Before the implementation of the IBAN system, banking transactions especially international ones, were prone to delays and costly errors due to inconsistent formats and identifiers. Since its adoption in most of Europe, the Middle East, and parts of the Caribbean, IBAN has proven to be a reliable standard. The Central Bank of Oman's extension of the IBAN requirement to domestic transactions is expected to align the country further with global best practices, ensuring smoother and safer money transfers.
Mid East Info
02-07-2025
- Business
- Mid East Info
NBO Launches API Gateway to Accelerate Oman's Digital Financial Transformation - Middle East Business News and Information
2 July 2025, Muscat: The National Bank of Oman (NBO) has officially launched its Application Programming Interface (API) Gateway, marking a significant step towards advancing the Sultanate's digital banking landscape. The secure platform enables seamless integration between the customer's systems and NBO's channels, offering real-time access to a wide range of banking services. Commenting on the launch, Mohamed Yahya Al Jabri, Assistant General Manager & Head of Global Transactions, said, 'The launch of the NBO's API Gateway represents a significant step in our strategic drive to empower Oman's digital economy. By providing secure, real-time access to our banking services, we are not only enabling connections; we are utilising innovation and driving automation at unprecedented speeds. This initiative lays the foundation for a dynamic financial ecosystem targeting key sectors such as SMEs, e-commerce, fintech and large-scale infrastructure projects.' Live across Oman, the API Gateway serves as a foundational tool for corporate customers, government entities and fintech developers, supporting integration with Enterprise Resource Planning (ERP) systems, treasury functions and custom financial applications. It aligns with the Central Bank of Oman's vision to enable open banking and foster a digitally connected financial ecosystem. Through a robust set of APIs covering payments, accounts, mandates, CRM, cards, loans and open banking use cases, NBO's platform empowers businesses and developers to streamline operations and drive automation. The gateway supports both corporate API banking and open banking models, including AISP and PISP functions, while adhering to international security standards. Customers can access the API Gateway through a dedicated developer portal. Once approved, they can connect to the live environment. The platform is built to grow and supports future plans such as fintech onboarding and deeper digital collaboration with corporate and government clients.
