Oman modifies commercial banking laws

Oman said yesterday it has amended some of its commercial banking laws to meet the requirements of new economic developments.

A central bank statement said Omani commercial banks would be required to have a minimum capital of 20 million riyals ($52m) from a previous 10m riyals. It said foreign banks would be required to have a minimum capital of 3m riyals, but it did not specify the previous capital requirement.

The new laws also prohibit shareholders from owning or transferring more than ten p