Old banknotes will not be valid after one month: Central Bank of Oman

      Published on Monday, 1 July , 2019      313 Views     
Old banknotes will not be valid after one month: Central Bank of Oman


Certain Omani banknotes will no longer be used in the Sultanate, 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.”

The banknotes include all old Omani banknotes issued before November 1, 1995.

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).”

Banknotes

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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Category Oman News | 2019/07/01 latest update at 9:00 PM
Source : Times of Oman | Photocredit : Google
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