The Central Bank of Oman (CBO; ) was established in December 1974 and began operations on 1 April 1975. It replaced the Oman Currency Board as the principal currency authority in Oman. Taimur bin Asa'ad Al Said is the current chairman of the board of directors.[2][3][4]
The Central Bank of Oman is responsible for maintaining the stability of the national currency the Omani Rial and ensuring monetary and financial stability in a deregulated and open financial system. The capital base of the CBO which was one million Omani Rials at the commencement of operations in 1975, was strengthened over time and since April 2002 has remained at 300 OMR million. At the end of 2005, CBO's assets/liabilities totalled RO1826.4 million.[5]
In January 2025, the bank underwent significant structural reforms through a series of Royal Decrees. Royal Decree 2/2025 promulgated a new Banking Law, while Royal Decree 3/2025 reorganized the bank's governance structure, granting it legal personality and financial and administrative independence. The reforms replaced the position of Executive President with that of Governor and restructured the Board of Directors.