Locals and expatriates who have taken loans from banks, but have been economically impacted by the ongoing COVID-19 pandemic, do not have to resume their loan repayments until September 2021.
The decision was made by His Majesty Sultan Haitham Bin Tarik, as part of a set of incentives to help the economy overcome the effects of the virus.
Other incentives include extended credit facilities, making it easier for people to secure lending from banks, improved loan ceiling ratios, and a reduction in preventive capital ratios.
Under these decisions, the Central Bank of Oman is to work with banks and lending companies to reschedule loan repayments, such that they match the income earned by borrowers, to ensure they can still fulfill their contractual obligations to their lenders.
The decision will affect the loan repayments of citizens who have been laid off, as well as those who have had their income reduced because of the coronavirus.