Muscat – The report stated that this voluntary assessment was conducted to review the transparency and disclosure practices of CBO, focusing on five key areas, as issued by the IMF: governance; transparency of policies, operations, outcomes and official relations of central banks. This assessment serves to enhance CBO’s independence and its relations with relevant stakeholders and facilitates information sharing and intellectual exchange with counterparts.

The Sultanate of Oman is the first country among the Gulf Cooperation Council (GCC) States to undergo this voluntary assessment and the second among Arab countries. This reflects CBO’s commitment to advancing to the highest international standards and practices.

The IMF report concluded that CBO places great importance on transparency in its practices, in line with international best practices. This reflects its commitment to strengthening its role as a critical public institution in the country through a robust transparency framework.

During its field visit, the IMF held extensive meetings with stakeholders from CBO and relevant government, private, and civil society organizations to assess its transparency practices and governance frameworks. This ensures constructive dialogue with stakeholders to achieve more effective outcomes in monetary and banking policies.

The report’s most prominent findings highlight CBO’s strong governance and sound legal framework, monetary policy transparency, effective financial stability tools, and commitment to stakeholder communication.​

In addition, CBO’s efforts to strengthen its AML/CFT framework were commended, and the review encouraged it to continue enhancing transparency in its supervisory and oversight practices in this area.

It is noteworthy that the IMF issued the “Central Bank Transparency Code” in 2020, reflecting the growing responsibilities and significant expansion in the requirement for central banks to clarify the nature, purpose, and manner of their activities. This allows for a deeper public understanding of the role of these activities in optimally serving their interests, consistent with current mandates, enhancing central bank independence, and enhancing the impact of monetary and banking policies.

Accordingly, CBO has taken into account the recommendations presented by the IMF team and is committed to continuing to enhance transparency in line with the objectives of Oman Vision 2040 and international best practices, while considering the local context and national legal framework. The mission provided an opportunity for self-assessment, in conjunction with CBO’s ongoing efforts to modernize its legal and regulatory frameworks. CBO will develop a plan to implement the recommendations and findings contained in the IMF report, which will contribute to ongoing improvements in the transparency of its operations, practices, and policies to ensure sustainable economic growth.