To: All Banks Operating in the Sultanate of Oman

Subject: Banking Hours

1. As banks are aware, Oman Regulation No. BM/REG/34/10/1989 published in the Official Gazette No. 416 dated October 1, 1989 and circulated to all banks under cover of Oman Central Bank Circular No. BM540/1989 stipulates the banking hours that shall be observed by all licensed banks operating in the Sultanate of Oman.

2. Article 2 of the said Regulation states that banks shall remain closed on Fridays, official public holidays and any other days specified by the Central Bank of Oman.

3. Several banks have made representations urging the Central Bank of Oman to relax the restrictions imposed through Article 2 as quoted above, so as to enable the banks to offer their customers, particularly their corporate clientele, a foreign exchange service on Fridays and non-business days in Oman which are international working days, to cover genuine trade-related commercial transactions arising in the normal course of business.

4. Banks’ representations on this issue were deliberated upon by the Board of Governors of the Central Bank of Oman at their recent meeting and the Board have decided as follows: