Log in
Show password
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Dynamic quotes 
News: Latest News
Latest NewsCompaniesMarketsEconomy & ForexCommoditiesInterest RatesBusiness LeadersFinance Pro.CalendarSectors

CBO Announces Directives on Bank Loan Repayments

10/05/2021 | 01:39pm EST

The Central Bank of Oman has issued a number of directives to all banks and finance leasing companies (FLCs), including the announcement of a stimulus package of procedures and incentives aimed at containing the economic impact of the Covid-19 pandemic on the lives of individuals and institutional borrowers.

Taking into account, the current economic scenario and in continuation of previously issued instructions, the Central Bank of Oman, has issued further directives, to banks and Finance & Leasing Companies, to extend the grace period for repayment to borrowers as given below:

1Omani Citizens laid off from work - the deferment of instalment/interest/profit is to be extended until December 31, 2022 or until the borrower concerned obtains another job, whichever is earlier, with the suspension of charging any interests during the deferment period.

2 Omani employees with reduced wages - The instalments, interests, and profits of all affected borrowers of this category are to be postponed until December 31, 2021, with the suspension of charging any interests during the deferment period and along with permission to exceed the debt burden ratio.

3 Pensioners from the public and private sector - Banks shall continue to modify the terms of repayment of existing personal loans/finance, so that the maximum debt service ratio does not exceed 30% of the monthly pension if it is equal to or less than OMR 1500, and 35% if the monthly pension is more than OMR 1500.

4 Riyada card holders- Banks and Finance & Leasing Companies shall continue to postpone the instalments, interests and profits due from them until the end of December 31, 2021. The lending institutions and the borrower should mutually work out before the end of this period to restore the normal repayment schedule or to reschedule the loans according to the expected cash flows of the borrowers concerned.

CBO emphasizes that, it is necessary for the borrowers, especially the companies which previously benefited from these procedures, to take into account the importance of reassessment of their financial conditions, before the expiry of the grace period on December 31, 2021. Accordingly, it is advised that the entities falling under this category shall work with their lenders to plan and reschedule their loan payments.


Central Bank of Oman published this content on 04 October 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 05 October 2021 17:38:00 UTC.

ę Publicnow 2021
Latest news "Companies"
11:55aExact Therapeutics AS Minutes From Extraordinary General Meeting - Appointment Of New Board Member
11:54aMusk's Starlink to apply for India licence by end of January
11:54aKDDI and Mawari to Launch a Digital Human as a Service (DHaaS) Using AWS Wavelength
11:52aAPPLUS SERVICES S A : + Participated in the 23rd Abu Dhabi International Petroleum Exhibition and Conference (ADIPEC)
11:52aOGE ENERGY : announces the successful close of the merger between Energy Transfer and Enable Midstream Partners - Form 8-K
11:52aROCHE : Änderungen im Verwaltungsrat von Roche
11:52aWELLINGTON DRIVE TECHNOLOGIES : appoints Chief Customer Officer
11:52aARC WORLDWIDE : FY21 Annual Report - Audited
11:52aFederal Councillor Ignazio Cassis welcomes the foreign minister of the Kingdom of Morocco to Bern
11:52aDISCLOSURE OF TRADING IN OWN SHARES : period from 23 November 2021 to 26 November 2021 (pdf)
Latest news "Companies"