The Central Bank of Oman (CBO) has called on banks and financial institutions to allow deferring monthly repayments of loans for a three-month period in light of the COVID-19 pandemic.
The bank said the decision includes repayment of loan installments provided by conventional personal and housing banks, financing provided by Islamic banks and Islamic outlets for all types of personal and home financing.
According to CBO, the decision shall commence from the time the wages for the month of May are received, until further notice.
The bank also said banks shall not receive any interest or profits on the balance due for the loan or financing during the period of postponement period and without any additional fees, and to work to reschedule the loans or financing if necessary.
The CBO said the new measure comes as part of implementing the decisions of the Supreme Committee for dealing with the coronavirus, which announced on April 15 a package of economic measures.
