Royal Decree 6/83 Regarding Increasing the Capital of Banks Operating in the Sultanate

Arabic

We, Qaboos bin Said, the Sultan of Oman

after perusal of Royal Decree 26/75 Issuing the Law Governing the Administrative Apparatus of the State and its amendments,

and the Omani Banking Law of 1974,

and in pursuance of public interest,

have decreed as follows

Article 1

Article 4-10.3(a) of the Omani Banking Law of 1974 concerning the initial capital of licensed banks is hereby amended to read as follows:

Any bank shall have and maintain at all times a paid-up capital of not less than one million Rial Omani.

Article 2

All banks operating in the Sultanate shall achieve the capital referred to in article I of this decree within a period not exceeding the end of 1983.

Article 3

This decree must be published in the Official Gazette.

Issued on: 3 Rabi Al-Thani 1403
Corresponding to: 17 January 1983

Qaboos bin Said
Sultan of Oman

Published in Official Gazette 257 issued on 1 February 1983.