To: All Licensed Banks operating in the Sultanate of Oman

After Compliments,

Re: Promotion of Banking Products and Services

1. In response to frequent queries from licensed institutions on the authorized scope for publicity for out-bound business like remittances, Central Bank of Oman has reviewed relevant issues and decided that it will be in order for banks to do publicity for outward remittances as part of banking business authorized for them.

2. The following shall, however, be noted:

   • i) The above authorization is related to normal commercial banking business only, and non-routine correspondent relationships, dedicated arrangements and investment banking products and services shall undergo specific approval/compliance requirements as at present.

     ii) Licensed banks are required to be diligent in entering correspondent and other arrangements and to observe utmost transparency and fair practices in dealing with the public. Due Diligence shall attract no less attention in remittances (or, for that matter, in any business/ relationship concluded).