The Central Bank of Oman revealed its willingness to provide additional liquidity of about 8 billion riyals ($ 20.8 billion) to banks in the context of several measures aimed at supporting the economy, in light of the growing fears of the spread of Corona virus around the world.
Liquidity of the Central Bank of Oman comes after similar moves by Gulf central banks, which during the past few days presented huge stimulus packages to protect their economies from the outbreak of the Corona virus.
The Central Bank of Oman called on banks to reduce bank charges, control their capital and credit ratios, and allow delays in payments of up to six months, especially for small and medium enterprises.
The Sultanate of Oman has reported 33 cases of coronavirus and it appears that the outbreak will harm nascent non-oil economy sectors. Oman is also working on ways to reduce the economic impact of low oil prices on its difficult financial situation.
Source (London Arab newspaper, Edited)
