CBO Instructs All Banks in Oman to Allow Three Months Instalment Deferrals

April 23, 2020

The Central Bank of Oman (CBO) has requested banks and financial institutions to permit Omani nationals who have borrowed from them the option of deferring repayment for a period of three months, if their incomes have been diminished due to the on-going COVID-19 pandemic.

A statement issued by the CBO noted that all banks and financial companies in Oman are required to delay the collection of instalments on financing facilities provided as home financing and other personal financing facilities. The deferment should be for a period of three months from the date on which the deferment commences, and the decision shall begin from the date on which the salaries for the month of May are paid.