Saturday 04 / January / 2025
Muscat: His Majesty Sultan Haitham bin Tarik today issued nine Royal decrees reading as follows:
Royal Decree No. (1/2025) on the ratification of the State’s General Budget for the Fiscal Year 2025, after submitting the same before the Council of Oman. Article (1) ratifies the State's General Budget for Fiscal Year 2025 according to the tables attached to this decree. Article (2) instructs all units of the State's Administrative Apparatus and other public legal entities to implement the provisions of this decree, each within the scope of its prerogatives. Article (3) says that this decree shall be published in the Official Gazette and enforced from the 1st of January 2025.
Royal Decree No. 2/2025 on the promulgation of the Banking Law.
Article (1) states that the Banking Law attached to this decree shall be enforced.
Article (2) stipulates that the Central Bank of Oman shall issue the regulations, decisions, instructions and circulars necessary for the implementation of the law attached to this decree. Till such time, the existing regulations, decisions, instructions and circulars shall continue to be effective, without prejudice to the provisions of the attached law.
Article (3) states that the licenses, permits and approvals issued by the Central Bank of Oman prior to the implementation of the attached law shall continue to be valid until their expiry and that the renewal of the same shall be in accordance with the provisions of the attached law. The provisions of the attached law and the regulations and instructions of the Central Bank of Oman shall govern all activities and operations of those for whom the abovementioned licenses, permits and approvals have been issued. Those concerned must adjust their status in accordance with the provisions of the attached law within six months from the date of its enforcement. The Board of Directors of the Central Bank of Oman may extend the aforementioned duration for more periods, not exceeding two times.
Article (4) cancels the Banking Law issued by Royal Decree No. 114/2000, as well as all that contradicts the attached law or contravenes its provisions.
Article (5) says that this decision shall be published in the Official Gazette and shall be effective from the day following its date of publication.
Royal Decree No. 3/2025 on the promulgation of the System of the Central Bank of Oman.
Article (1) states that the Central Bank of Oman (CBO) shall have a legal personality and shall enjoy financial and administrative independence in a manner that empowers the CBO to exercise its duties, functions and tasks and achieve its objectives. The CBO shall be governed by the provisions of the System attached to this decree.
Article (2) states that the headquarters of the Central Bank of Oman and its main treasures shall be in the Governorate of Muscat. Under a specific decision, the Board of Directors of the Central Bank of Oman may establish branches, treasures, offices and other facilities within the Sultanate of Oman or abroad to carry out its missions, functions and tasks.
Article (3) stipulates that the organizational structure of the Central Bank of Oman (CBO) shall be approved in accordance with the Appendix attached to this decree. The establishment, amendment and cancellation of administrative divisions in the structure shall be made under a decision by the Governor of the Central Bank of Oman, after the approval of the CBO’s Board of Directors and the concerned authorities.
Article (4) states that wherever the phrases “Board of Governors” and “Chief Executive Officer” appear in the laws and Royal decrees, shall be replaced with the phrases “Board of Directors” and “Governor”, as appropriate.
Article (5) cancels all that contradicts this decree and the attached system or contravenes their provisions.
Article (6) says that this decree shall be published in the Official Gazette and enforced from its date of its issue.
Royal Decree No. 4/2025 on the Board of Directors of the Central Bank of Oman.
Article (1) appoints HH Sayyid Taimour bin Asa'ad bin Tarik Al Said as Chairman of the Board of Directors of the Central Bank of Oman, along with his existing grade and financial allocations.
Article (2) states that the following shall be members in the Board of Directors of the Central Bank of Oman:
- Minister of Economy as Deputy Chairman.
- Governor of the Central Bank of Oman.
- Undersecretary of the Ministry of Finance.
- Chairman of the Financial Services Authority.
- Mrs. Rawan bint Ahmed bin Thabit Al Busaidi.
- Dr. Said bin Mubarak bin Said Al Mahrami.
-Dr. Khalfan bin Mohammed bin Khalid Al Barwani.
- Dr. Jamil bin Darwish bin Jamil Al Shaqsi.
Article (3) cancels all that contradicts this decision, or contravenes its provisions.
Article (4) says that this decree shall be published in the Official Gazette and enforced from its date of issue.
Royal Decree No. 5/2025 on appointment as Governor for the Central Bank of Oman.
Article (1) appoints Ahmed bin Ja'afar bin Salim Al Musallami as Governor of the Central Bank of Oman, with the rank of Minister.
Article (2) says that this decree shall be published in the Official Gazette and enforced from its date of issue.
Royal Decree No. 6/2025 on amending some provisions of Royal Decree No. 64/83 on the establishment of the College of Banking and Financial Studies.
Article (1) states that the name “Board of Directors of the College of Banking and Financial Studies” shall be extended to “Board of Trustees of the College of Banking and Financial Studies” wherever the name appears in the aforementioned Royal Decree No. 64/83.
Article (2) states that text of Article (4) of Royal Decree No. 64/83 shall be replaced by the following text:
“The Board of Trustees of the College of Banking and Financial Studies shall be formed by a decision of the Chairman of the Board of Directors of the Central Bank of Oman after the approval of the Board—from an odd number of not less than 5 members , including the Chairman of the Board of Trustees, the Deputy Chairman and 2 members representing the banking sector.”
Article (3) cancels all that contradicts this decision or contravenes its provisions.
Article (4) says that this decree shall be published in the Official Gazette and shall come into effect on the day following the date of its publication.
Royal Decree No. 7/2025 on appointing advisors in the Private Office.
Article (1) appoints Hussein bin Ali bin Abdul Latif as Advisor in the Private Office, with the rank of Minister.
Article (2) appoints Sayyid Dr. Sultan bin Ya'arub bin Qahtan Al Busaidi as Advisor in the Private Office, with the rank of Minister.
Article (3) says that this decree shall be published in the Official Gazette and enforced from its date of issue.
Royal Decree No. 8/2025 on approving the organizational structure of the Royal Court Affairs.
Article (1) approves the Organizational Structure of the Royal Court Affairs in accordance with the appendix attached to this decree.
Article (2) cancels all that contradicts this decision, or contravenes its provisions.
Article (3) says that this decree shall be published in the Official Gazette and enforced from its date of issue.
Royal Decree No. 9/2025 deals with promotion to the rank of “Major General” and the appointment of a Head of the Special Medical Affairs Unit at the Royal Court Affairs.
Article (1) states that Brigadier Dr. Saif bin Zahir bin Saif Al Salmi shall be promoted to the rank of “Major General” and appointed as “Head of the Special Medical Affairs Unit at the Royal Court Affairs.”
Article (2) says that this decree shall be published in the Official Gazette and enforced from its date of issue.
