The establishment of the Central Bank of Oman in the beginning of 1974 was a natural outcome of the steady evolution of the monetary system in the Sultanate of Oman coupled with the prospects of the vast economic developments the country was about to witness. Until 1970, when H.M.Sultan Qaboos bin Said took over, there was no national authority responsible for the supervision of the incipient banking system. The number of banks was small and the banking activities were limited in scales.
The two monetary authorities that preceded the establishment of the Central Bank of Oman, namely the Muscat Currency Authority in 1970 and the Oman Currency Board in 1972, were not vested with full banking status, but, they had well prepared the ground for the emergence of the Central Bank of Oman.
However the major event heralding the eminent creation of the Central Bank of Oman was the launching of the Banking Law in 1974 (which was amended vide Royal Decree No. 114/2000).
The Central Bank of Oman is responsible for maintaining the internal and external value of the national currency. It is also the single integrated regulator of Oman's financial services industry.
It is committed to excellence in providing monetary and financial stability and fostering sound and progressive financial sector to achieve sustained economic growth for the benefit of the nation.
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