Oman modifies commercial banking laws

Oman said on Saturday it has amended some of its commercial banking laws to meet the requirements of new economic developments. A central bank statement said Omani commercial bank would be required to have a minimum capital of 20 million rials ($52 million) from a previous 10 million rials. It said foreign banks would be required to have a minimum capital of three million rials, but it did not specify the previous capital requirement.

The new laws also prohibit shareholders from owning or tran