Financial and Banking News
New Omani Banking Law Gives Central Bank Increased Powers
The Omani banking law of 1974 has been amended to give the Central Bank ofOman powers to withdraw the license or suspend the activities of banks under itsjurisdiction. It may now also step in to manage a bank directly, liquidate it orreorganize it. Uncertainty about the Central Bank's ability to take these stepsunder the 1974 law became apparent last year during...