A message of reassurance: Local Banks in the Sultanate of Oman are safe

Oman Sunday 19/March/2023 14:51 PM
By: Times News Service
A message of reassurance: Local Banks in the Sultanate of Oman are safe

Muscat: The Secretary General of the Ministry of Finance confirmed that the local banks in the Sultanate of Oman are not affected by any external crises.

Secretary General of the Ministry of Finance His Excellency Nasser Al-Jashmi confirmed during the 'Together We Advance Forum' which was held on Sunday that there were no indicators of the local banks of Oman being affected by the external crisis .

The announcement of the bankruptcy of 3 US banks raised a state of anticipation in economic circles. This is in light of fears of an impact on the economy of some Arab countries, while economists reveal the repercussions of this announcement and the possibility of a repeat of the global financial crisis that occurred in 2008.

Silicon Valley Bank, Signature Bank, and the smaller Silvergate Bank, which is known for its close ties to the cryptocurrency sector was under bankrptcy, according to AFP.

Last Tuesday, oil prices fell more than a dollar, extending their losses for the second session, as the collapse of the Silicon Valley Bank led to a shock in stock markets and raised fears of a new financial crisis.

Last Monday, US President Joe Biden sent a message of reassurance to all Americans who deposited their money in the “Silicon Valley Bank”, which declared bankruptcy on Friday, in what is considered the largest financial crisis since 2008.

Biden told reporters from the White House that his administration worked hard over the weekend to contain the repercussions of the bankruptcy of Silicon Valley and Signature Bank, pledging to hold those responsible for the crisis accountable.

He added, "With regard to how these banks reached this situation, there must be accountability for these officials. In my administration, no one is above the law."