Translation of Oman Central Bank Circular No. BM557/1990

Subject: Current and Savings Accounts

1. From time to time, banks operating in the Sultanate of Oman seek Central Bank of Oman approval to introduce various innovative features to their customers’ current and savings accounts with a view not only to provide better services to customers but also to induce them to greater savings. Since both these objectives are in the best interst of the Sultanate’s banking system, the Central Bank of Oman fully supports such innovations.

2. One such innovation that has been brought to the notice of the Central Bank of Oman is a scheme to allow the simultaneous maintenance of a current account and a savings account for each customer with the facility of issuing cheques on the current account which will receive credits from the respective savings account to meet the cheques.

3. All licensed commercial banks are hereby informed that, if they so desire, they are free to go ahead with the scheme, the essential features of which are described in Article 2 hereof.