In a stride toward financial security and international diplomacy, two Royal Decrees have reshaped Oman’s landscape. His Majesty Sultan Haitham bin Tarik announced sweeping changes on Wednesday, focusing on deposit protection and visa agreements with Uzbekistan.
Safeguarding Bank Deposits with New Law
The newly issued Royal Decree No. 47/2024 introduces the Law on Protection of Bank Deposits, signaling a fresh chapter in Oman’s financial regulations. Key highlights include:
- Asset Transfer: Rights, assets, and obligations tied to the now-repealed Bank Deposits Insurance Scheme (Royal Decree No. 9/95) will shift to a new insurance fund for licensed financial institutions.
- Regulatory Continuity: While awaiting new executive regulations from the Central Bank of Oman, current frameworks remain valid unless they conflict with the provisions of the updated law.
- Annulment of Previous Law: The old deposit insurance system, established in 1995, is formally repealed, ensuring alignment with the updated financial framework.
The decree mandates immediate publication in the Official Gazette, with enforcement kicking in the day after.
Strengthening Diplomatic Channels: Visa Waiver with Uzbekistan
In a diplomatic move, Royal Decree No. 48/2024 ratifies a mutual visa waiver agreement between Oman and Uzbekistan. The agreement, initially signed in Muscat on June 26, 2024, provides visa-free entry for holders of diplomatic, special, and service passports.
This decree will also take effect upon its publication in the Official Gazette, further enhancing Oman’s international relationships and facilitating smoother government-level travel between the two nations.
With these developments, Oman signals its intent to fortify both its financial system and global connectivity, reflecting the nation’s forward-thinking governance.
