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,
the Banking Law 7/74 and its amendments,
and in pursuance of public interest,
have decreed as follows
Article I
The text of paragraphs (a) and (b) of article 4-01.3 of the mentioned Banking Law is hereby amended to read as follows:
(a) Any local bank shall have and maintain at all times a paid-up capital of not less than ten million Rial Omani.
(b) Any foreign bank shall have and maintain within the Sultanate at all times a paid-up capital of not less than three million Rial Omani as initial capital, provided that this amount is maintained within the Sultanate at all times and must be available for the practice of banking business within the Sultanate, in addition to the funds required to be maintained in particular in the central bank as capital deposits in accordance with article 4-02.3 of this law and as reserves against deposits in accordance with article 4-30.3 of this law.
Article II
Banks operating at the time of the entry into force of this law shall rectify their status in accordance with article I within eighteen months from the date of publication of this decree.
Article III
This decree must be published in the Official Gazette.
Issued on: 22 Shawwal 1412
Corresponding to: 25 April 1992
Qaboos bin Said
Sultan of Oman
Published in Official Gazette 478 issued on 2 May 1992.