To: All Licensed Banks Operating in the Sultanate of Oman

Subject: Omanisation of Personnel in the Banking Sector

After Compliments,

The Central Bank of Oman wishes to inform all banks that the Board of Governors, having reviewed the banks’ performance as of December 31, 1994 in respect of the captioned subject vis-à-vis the targets set by Central Bank of Oman through Oman Central Bank Circular No. BM696/1994 decided, in concurrence with the higher authorities, as follows:

1. The penalties stipulated in Article 6 of Circular No. BM 696 for non-achievement of the targets as of 31.12.1994 are hereby waived for all the con-cerned banks.