Muscat – Sultan Haitham bin Tarik Issues Two Royal Decrees
His Majesty Sultan Haitham bin Tarik issued two Royal Decrees on Wednesday, impacting the financial sector and diplomatic relations of Oman.
Royal Decree No 47/2024
The first decree promulgates the Law on Protection of Bank Deposits, transferring the system of insurance of bank deposits to the ‘insurance fund for the protection of deposits in licensed establishments of conventional origin’. The Governor of the Central Bank of Oman is instructed to issue the necessary regulations for implementation.
Royal Decree No 48/2024
The second decree ratifies an agreement with the Republic of Uzbekistan on mutual visa waiver for holders of diplomatic, special, and service passports, enhancing diplomatic ties between the two nations.
Both decrees will be published in the Official Gazette and enforced immediately, marking important developments in the legal and diplomatic spheres of Oman.