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CBO Instructs Banks to Defer Monthly Instalments of Omani Low Pay Workers



Muscat, Apr 22 (ONA) --- The Central Bank of Oman (CBO) today issued a circular to all banks, finance and finance leasing companies to defer all types of instalments of loans of Omani low-pay manpower. The deferment will last three months from the date of postponement.


The decision will begin to take effect from the salaries of May 2020 until further notice.


The CBO calls for the deferment of instalments in accordance with the directive of the circular, so that the repayment will be without interests or any fees to be charged against the balance of maturated loans or funding loans during the period of deferment. 


The CBO also instructs the banks, finance and finance leasing firms to reschedule the loans or funding if necessary.


The CBO’s decision stems from the directives issued on 15 April 2020 by the Supreme Committee tasked with handling developments resulting from coronavirus (Covid-19) pandemic. This pertains to the package of economic procedures stated by the Committee on that date. It comes as a measure to support low-pay Omani manpower in line with the mechanism approved by the Ministry of Manpower.

—- Ends/AB/KH