Saturday, 7 Dec 2019 | 10 Rabi Al Thani 1441
1-month deadline to replace old notes ends today: CBO

1-month deadline to replace old notes ends today: CBO

In accordance with Article 45 (D) of the Banking Law issued beneath Royal Decree 114/2000, the CBO had earlier informed all banks, finance and leasing businesses operating in the sultanate, as nicely as citizens and residents, that it has set aside 1 month beginning July 1 to replace the old notes.

In a statement, CBO mentioned, all old Omani notes issued prior to November 1, 1995, such as First problem: Saidi rial issued in 1970 beneath the supervision of Muscat Currency Authority (100 baisa, Quarter rial, Half rial, One rial, five rials and 10 rials)

Second problem: Banknotes issued in 1972 beneath the supervision of Oman Currency Board (100 baisa, Quarter rial, Half rial, One rial, five rials, 10 rials)

Third problem: Banknotes issued in 1976 beneath the supervision of CBO (from 100 baisa to 50 rials Fourth problem: Banknotes issued in 1985 beneath the supervision of CBO (from 100 baisa to 50 rials)

Fifth problem
: Banknotes issued 50 rials, 20 rials, 10 rials and five rials, issued prior to November 1, 1995, which do not have the shiny holographic safety strip on their front side will not be legal tender.

‘All old notes mentioned above shall be replaced with the ones currently circulated at our head office in Ruwi or our branches in Salalah and Sohar. It should be noted that these currencies will not be legal tender beyond the replacement date and will not be accepted thereafter,’ CBO mentioned.

Information Source: Muscat Daily

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