DUBAI- Oman has formed a board to oversee its central bank led by Sayyid Asad bin Tariq bin Teimur al-Said, a brother of the current Sultan, Oman's official news agency tweeted on Thursday.

Members of the board will include the economy minister, undersecretary of the ministry of finance and the head of the capital markets authority, the tweet said.

Board members will have a tenure of five years.

The move follows a recent policy shift by Sultan Haitham bin Tariq al-Said to designate ministers of foreign affairs and finance, and a central bank chairman, titles he formerly held. 

Al-Said, who took power in January after Sultan Qaboos bin Said died after a half century in power, maintains the titles of prime minister, defence minister and armed forces chief following the decrees read on state television on Tuesday.

Oman, whose debt is rated "junk" by all major ratings agencies, is struggling with a widening budget deficit and economic downturn from the double blow of low oil prices and the novel coronavirus.

Sultan Haitham said earlier this year the government would work to reduce public debt and restructure institutions to bolster the economy.

(Reporting by Lisa Barrington, writing by Hadeel Al Sayegh; editing by Emelia Sithole-Matarise) ((Hadeel.AlSayegh@thomsonreuters.com; +971566883310;))