Sultan Haitham Issues Nine Royal Decrees, Introducing New Banking Law and Appointments

Muscat: In a significant legislative move, His Majesty Sultan Haitham bin Tarik issued nine Royal decrees today, including the ratification of the State's General Budget for 2025 and the introduction of a new Banking Law. These decrees also encompass various appointments and structural changes within the Sultanate's key financial and governmental institutions. According to Oman News Agency, Royal Decree No. 1/2025 ratifies the State's General Budget for the Fiscal Year 2025, mandating its implementation across all state administrative units. Meanwhile, Royal Decree No. 2/2025 promulgates a new Banking Law, assigning the Central Bank of Oman (CBO) the task of issuing necessary regulations and decisions to facilitate its execution. Existing licenses and permits issued by the CBO will remain valid until their expiry, with renewals subject to the new law. Royal Decree No. 3/2025 establishes the Central Bank of Oman as a legally independent entity, providing it with financial and administrative autonomy. This de cree also outlines the organizational structure of the CBO, with its headquarters based in Muscat, and allows for potential expansion domestically and internationally. Additionally, Decree No. 4/2025 appoints HH Sayyid Taimour bin Asa'ad bin Tarik Al Said as Chairman of the CBO's Board of Directors, alongside key governmental and financial figures as board members. With Royal Decree No. 5/2025, Ahmed bin Ja'afar bin Salim Al Musallami has been appointed as the Governor of the Central Bank of Oman, holding the rank of Minister. In another significant change, Royal Decree No. 6/2025 amends previous provisions related to the College of Banking and Financial Studies, transitioning its governance from a Board of Directors to a Board of Trustees. Royal Decree No. 7/2025 sees the appointment of Hussein bin Ali bin Abdul Latif and Sayyid Dr. Sultan bin Ya'arub bin Qahtan Al Busaidi as Advisors in the Private Office, both with the rank of Minister. Other decrees include the approval of the Organizational Structure o f the Royal Court Affairs under Decree No. 8/2025, and the promotion of Brigadier Dr. Saif bin Zahir bin Saif Al Salmi to Major General, with his appointment as Head of the Special Medical Affairs Unit at the Royal Court Affairs, as stated in Decree No. 9/2025. Each of these decrees is set to be published in the Official Gazette and will be enforced from their respective dates of issuance, marking a substantial restructuring effort within Oman's financial and administrative landscape.