Muscat – His Majesty Sultan Haitham bin Tarik issued two Royal Decrees on Wednesday reading as follows:

Royal Decree No 47/2024 promulgates the Law on Protection of Bank Deposits after presenting the same before Council of Oman.

  • Article 1 stipulates that the Law on Protection of Bank Deposits attached to this decree will be enforced.
  • Article 2 states that all origins, rights, obligations and assets pertaining to the system of insurance of bank deposits cited in the Law on Bank Deposits Insurance Scheme promulgated by Royal Decree No 9/95 will be transferred to the ‘insurance fund for the protection of deposits in licensed establishments of conventional origin’ cited in the law attached to this decree.
  • Article 3 instructs the Governor of Central Bank of Oman to issue the Executive Regulations of the attached law, as well as the decisions necessary for implementation of its provisions. Till such time, the existing regulations and decisions will continue to be implemented without prejudice to the provisions of the law attached to this decree.
  • Article 4 annuls the aforementioned Law on Bank Deposits Insurance Scheme promulgated by Royal Decree No 9/95, as well as all that contradicts the attached law or contravenes its provisions.
  • Article 5 states that this decree will be published in the Official Gazette and enforced starting the day following its publication.

Royal Decree No 48/2024 ratifies an agreement between the Government of the Sultanate of Oman and the Government of the Republic of Uzbekistan on mutual visa waiver for holders of diplomatic, special and service passports signed in Muscat on June 26, 2024.

  • Article 1 ratifies the aforementioned agreement in accordance with the version attached to this decree.
  • Article 2 states that this decree will be published in the Official Gazette and enforced from its date of publication.

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