Central Bank Regulation No. 022/09/81

LENDING OF RIAL OMANI TO NON-RESIDENTS

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Regulation No. 22/9/1981 issued by the Board of Governors concerning the lending of Rial Omani to Non-residents and placements of Rial Omani by licensed banks with banks or financial institutions abroad.

With reference to Articles 2-1.09(f),(k),(l),(n)*[1] and 4-3.01(a),(b)*[2] of the Banking Law 1974.

The Board of Governors of the Central Bank decided the following :

  1. Licensed banks shall not have credit balances, loans and advances in Rial Omani with any non-resident bank or non-resident financial institution which shall include the head office and branches of such licensed bank outside the Sultanate or affiliates or subsidiary companies thereof.

  2. Licensed banks are not allowed to grant loans or advances denominated in Rial Omani to non-resident companies, individuals or other legal entities.

  3. For the purpose of this Regulation, Embassies, Consulates and persons of diplomatic status within the Sultanate shall not be regarded as non-resident.

  4. All licensed banks are requested to comply with the provisions of this Regulation within a period not exceeding the maturity date for the existing balances.