Central Bank of Oman Calls For Postponing Loan Repayments for 3 Months amid COVID-19

Business

April 23rd, 4:55am

Muscat - Asharq Al-Awsat

General view of old Muscat the day after Oman's Sultan Qaboos bin Said was laid to rest in Muscat, Oman, January 12, 2020. REUTERS/Christopher Pike

The Central Bank of Oman (CBO) has called on banks and financial institutions to allow deferring monthly repayments of loan for a three-month period in light of the COVID-19 pandemic. The bank said the decision includes repayment of loan instalments provided by conventional personal and housing banks, financing provided by Islamic banks and Islamic outlets for all types of personal and home financing. According to CBO, the decision shall commence from the time the wages for the month of May are received, until further notice. The bank also said banks shall not receive any interest or profits on the balance due for the loan or financing during the period of postponement period and without any additional fees, and to work to reschedule the loans or financing if necessary. The CBO said the new measure comes as part of implementing the decisions of the Supreme Committee for dealing with the coronavirus, which announced on April 15 a package of economic measures.

from Asharq AL-awsat https://aawsat.com/english/home/article/2248116/central-bank-oman-calls-postponing-loan-repayments-3-months-amid-covid-19