Oman- Wednesday last day for replacement of expired banknotes

The Central Bank of Oman advises that Wednesday 31 July 2019 is the last day for replacing the expired banknotes.

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

In a statement, CBO said, all old Omani banknotes issued before November 1st, 1995, including the first issue (Saidi Riyal issued in 1970 under the supervision of Muscat Currency Authority – 100 Baisa, Quarter Riyal, Half Riyal, One Riyal, 5 Riyals, 10 Riyals), second Issue (Banknotesissued in 1972 under the supervision of Oman Currency Board – 100 Baisa, Quarter Riyal, Half Riyal, One Riyal, 5 Riyals, 10 Riyals), third Issue (Banknotes issued in 1976 under the supervision of the Central Bank of Oman – from 100 Baisa to 50 Riyals) and fourth Issue (Banknotes issued in 1985 under the supervision of the Central Bank of Oman – from 100 Baisa to 50 Riyals) will become illegal tender beyond the replacement date and will not be accepted thereafter.

As for the fifth Issue, CBO said banknotes of RO 50, RO 20, RO 10 and RO 5, issued before November 1st, 1995, which do not have the shiny holographic security strip on their front side will also become illegal tender.

'It is therefore advised that all old banknotes mentioned above shall be replaced with the ones currently circulated by the Central Bank of Oman at its Head Office in Ruwi or its branches in Salalah and Sohar before the set deadline. It should be noted that these currencies will become illegal tender beyond the replacement date and will not be accepted thereafter,' CBO said.

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