Muscat: His Majesty Sultan Haitham bin Tarik has today issued nine Royal decrees, which are detailed as follows:
Royal Decree No. (1/2025) pertains to the ratification of the State’s General Budget for the Fiscal Year 2025, following its presentation to the Council of Oman. Article (1) confirms the ratification of the State's General Budget for Fiscal Year 2025 as outlined in the accompanying tables. Article (2) mandates that all units of the State's Administrative Apparatus and other public legal entities execute the provisions of this decree within their respective authorities. Article (3) specifies that this decree will be published in the Official Gazette and will take effect from January 1, 2025.
Royal Decree No. 2/2025 addresses the enactment of the Banking Law.
Article (1) declares that the Banking Law attached to this decree shall come into force.
Article (2) requires the Central Bank of Oman to issue the necessary regulations, decisions, instructions, and circulars for the law's implementation. Until these are issued, the current regulations, decisions, instructions, and circulars will remain in effect, provided they do not conflict with the provisions of the attached law.
Article (3) indicates that licenses, permits, and approvals granted by the Central Bank of Oman prior to the law's implementation will remain valid until their expiration, with renewals subject to the provisions of the attached law. The activities and operations of those holding the aforementioned licenses, permits, and approvals will be governed by the attached law and the regulations and instructions of the Central Bank of Oman. Affected parties must align their status with the provisions of the attached law within six months of its enforcement, although the Board of Directors of the Central Bank of Oman may extend this period for up to two additional terms.
Article 4 revokes the Banking Law established by Royal Decree No. 114/2000, along with any provisions that conflict with the law attached herewith.
Article 5 indicates that this decision will be published in the Official Gazette and will take effect the day after its publication.
Royal Decree No. 3/2025 pertains to the establishment of the Central Bank of Oman System.
Article 1 asserts that the Central Bank of Oman (CBO) possesses legal personality and enjoys financial and administrative autonomy, enabling it to fulfill its responsibilities and achieve its goals. The CBO will operate under the provisions outlined in the attached System.
Article 2 specifies that the Central Bank of Oman’s headquarters and primary treasury will be located in the Governorate of Muscat. The Board of Directors may, through a specific resolution, establish branches, treasuries, offices, and other facilities both within the Sultanate of Oman and internationally to support its functions.
Article 3 mandates that the organizational structure of the Central Bank of Oman (CBO) will be approved in accordance with the attached Appendix. The creation, modification, and dissolution of administrative divisions within this structure will be determined by a decision from the Governor of the Central Bank of Oman, following the approval of the CBO’s Board of Directors and relevant authorities.
Article 4 specifies that any instances of the terms “Board of Governors” and “Chief Executive Officer” found in the laws and Royal decrees shall be substituted with “Board of Directors” and “Governor,” as applicable.
Article 5 nullifies any provisions that conflict with this decree and the accompanying system or violate their stipulations.
Article 6 indicates that this decree will be published in the Official Gazette and will take effect from the date of its issuance.
Royal Decree No. 4/2025 pertains to the Board of Directors of the Central Bank of Oman.
Article 1 designates HH Sayyid Taimour bin Asa'ad bin Tarik Al Said as the Chairman of the Board of Directors of the Central Bank of Oman, maintaining his current rank and financial entitlements.
Article 2 outlines the following individuals as members of the Board of Directors of the Central Bank of Oman:
- Minister of Economy, serving 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) nullifies any provisions that conflict with this decision or violate its terms.
Article (4) stipulates that this decree will be published in the Official Gazette and will take effect from the date of its issuance.
Royal Decree No. 5/2025 pertains to the appointment of the Governor of the Central Bank of Oman.
Article (1) designates Ahmed bin Ja'afar bin Salim Al Musallami as the Governor of the Central Bank of Oman, holding the rank of Minister.
Article (2) indicates that this decree will be published in the Official Gazette and will take effect from the date of its issuance.
Royal Decree No. 6/2025 addresses amendments to certain provisions of Royal Decree No. 64/83 regarding the establishment of the College of Banking and Financial Studies.
Article (1) specifies that the title “Board of Directors of the College of Banking and Financial Studies” shall be changed to “Board of Trustees of the College of Banking and Financial Studies” wherever it appears in Royal Decree No. 64/83.
Article (2) states that the text of Article (4) of Royal Decree No. 64/83 will be replaced with the following:
“The Board of Trustees of the College of Banking and Financial Studies shall be constituted by a decision from the Chairman of the Board of Directors of the Central Bank of Oman, following the Board's approval, consisting of an odd number of no fewer than 5 members, including the Chairman of the Board of Trustees, the Deputy Chairman, and 2 members representing the banking sector.”
Article (3) nullifies any provisions that are inconsistent with this decision or violate its terms.
Article (4) stipulates that this decree will be published in the Official Gazette and will take effect the day after its publication.
Royal Decree No. 7/2025 pertains to the appointment of advisors within the Private Office.
Article (1) designates Hussein bin Ali bin Abdul Latif as an Advisor in the Private Office, holding the rank of Minister.
Article (2) appoints Sayyid Dr. Sultan bin Ya'arub bin Qahtan Al Busaidi as an Advisor in the Private Office, also with the rank of Minister.
Article (3) indicates that this decree will be published in the Official Gazette and will be effective from the date of its issuance.
Royal Decree No. 8/2025 addresses the approval of the organizational structure for Royal Court Affairs.
Article (1) endorses the Organizational Structure of Royal Court Affairs as detailed in the attached appendix.
Article (2) nullifies any provisions that are inconsistent with this decision or violate its terms.
Article (3) states that this decree will be published in the Official Gazette and will take effect from the date of its issuance.
Royal Decree No. 9/2025 concerns the promotion to the rank of “Major General” and the appointment of a Head of the Special Medical Affairs Unit at Royal Court Affairs.
Article (1) declares that Brigadier Dr. Saif bin Zahir bin Saif Al Salmi will be promoted to the rank of “Major General” and appointed as the “Head of the Special Medical Affairs Unit at Royal Court Affairs.”
Article (2) specifies that this decree will be published in the Official Gazette and will take effect from the date of its issuance.
