The Value of Approved Credit Ceilings for Domestic and International Sales at Credit Oman Exceeded 102 Million Omani riyals Mid-2020

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Sheikh Khalil A. Al Harthy, CEO of Credit Oman, declared that “despite the challenges that the world witnessed due to the Coronavirus Disease (COVID-19) pandemic and its impact on global economies, Credit Oman played a positive role to stand by Omani exporters to continue their trade and sales activities both domestically and internationally in various commercial sectors,” adding that “We have worked hard during the last period to ensure the rights of our customers and the value of their sales in light of the COVID-19 pandemic which forced the governments of some countries of the world to introduce various restrictions, measures and policies, including the disruption of business in banks and other institutions, resulting therefore in a delay in the payment of the value of sales to Omani exporters.” In fact, this is not the first time Credit Oman experiences such conditions. It has kept pace with 2007-2008 economic crisis and other political conflicts and natural disasters in the world in general and the region in particular. Furthermore, Al Harthy noted that Omani products are in high demand and of good quality in many sectors, including the fisheries sector, consumer goods and other diverse sectors.

On another hand, Al Harthy shed the light on Credit Oman performance mid this year, saying that: “we witnessed an increase of the value of approved credit ceilings for domestic and international sales by approximately 8.2%, reaching a total of 105,118,000 Omani Riyals, compared to 102,197,000 Omani Riyals approximately in 2019. He added that the total value of insured domestic and international sales amounted to 41,077,000 Omani Riyals, i.e. an increase of about 0.5% compared to 40,854,000 Omani Riyals in the same period of last year, noting that, despite COVID-19 pandemic, there was a remarkable increase compared to previous years, where we sought to intensify efforts and cooperate with the same competent authorities. It is worth noting that the compensation amounts paid by Credit Oman since early 2020 to date as a result of the buyers’ failure to pay reached a total of 186,744,000 Omani Riyals in the consumer goods, petrochemicals and construction materials sectors.