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Oman Latest News : These banknotes will not be valid in Oman

These banknotes will not be valid in Oman

The CBO announced that it has set a period of one month to replace expired banknotes.

Oman Latest News : These banknotes will not be valid in Oman

TAS News Service

info@thearabianstories.com

Sunday, June 30, 2019

Muscat: Currencies issued before November 1, 1995, will no longer be valid, according to the Central Bank of Oman (CBO).

The CBO announced that it has set a period of one month to replace expired banknotes. The decision means that the listed bank notes will become illegal tender beyond the replacement deadline.

In an announcement, the Central Bank said, “In accordance with Article 45 (D) of the Banking Law issued under Royal Decree No. 114/2000, the Central Bank of Oman announces to all banks and FLCs operating in the Sultanate as well as citizens and residents that it has set a period of one month only, as of July 1, 2019, to replace expired banknotes.”

According to the Central Bank of Oman , these include: “First Issue: Saidi Rial issued in 1970 under the supervision of Muscat Currency Authority (100 Baisa, Quarter Rial, Half Rial, One Rial, 5 Rials, 10 Rials).

“Second Issue: Banknotes issued in 1972 under the supervision of Oman Currency Board (100 Baisa, Quarter Rial, Half Rial, One Rial, 5 Rials, 10 Rials).”

“Third Issue: Banknotes issued in 1976 under the supervision of the Central Bank of Oman (from 100 Baisa to 50 Rials).”

“Fourth Issue: Banknotes issued in 1985 under the supervision of the Central Bank of Oman (from 100 Baisa to 50 Rials).”

The replacement also includes Omani banknotes issued on November 1st, 1995

“Fifth Issue: Banknotes 50 Riyals, 20 Rials, 10 Rials and 5 Rials, which do not have the shiny holographic security strip on their front side,” the Central Bank added.” It is therefore advised that all old banknotes mentioned above shall be replaced with the ones currently circulated by the Central Bank of Oman HO in Ruwi or its branches in Salalah and Sohar before the set deadline.

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