Bad times over, Oman’s bank support fund could close

Oman has used $300 million (Dh1,1bn) out of its $2 billion support fund to help local banks and was unlikely to use the rest as the economy is recovering, its central bank governor said on Saturday.

Hamood Sangour al Zadjali made the remarks to reporters on the sidelines of the Gulf Cooperation Council meeting in Oman’s capital.

The central bank allocated about $2bn to local banks to provide dollar liquidity last November as the global credit crunch took a hold, freezing lending.