Central Banking

Oman plans new settlement system

The Central Bank of Oman (CBO) plans to introduce a real time gross settlement (RTGS) system for faster inter-bank transactions, a report said.

This is part of a larger plan to introduce electronic funds transfer in the Sultanate, according to the report in the Oman Daily Observer.

RTGS, which is a core module for introducing electronic funds transfer, is expected to settle dealings on a continuous basis among different banks, Iqbal Ali Khamis, vice-president of the CBO, was quoted ass saying b