Saturday, 7 Dec 2019 | 10 Rabi Al Thani 1441
Wednesday last day for replacement of expired banknotes

Wednesday last day for replacement of expired banknotes

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

In a statement, CBO mentioned, all old Omani banknotes issued prior to November 1st, 1995, which includes the initial concern (Saidi Riyal issued in 1970 below the supervision of Muscat Currency Authority – 100 Baisa, Quarter Riyal, Half Riyal, One Riyal, five Riyals, 10 Riyals), second Issue (Banknotesissued in 1972 below the supervision of Oman Currency Board – 100 Baisa, Quarter Riyal, Half Riyal, One Riyal, five Riyals, 10 Riyals), third Issue (Banknotes issued in 1976 below the supervision of the Central Bank of Oman – from 100 Baisa to 50 Riyals) and fourth Issue (Banknotes issued in 1985 below the supervision of the Central Bank of Oman – from 100 Baisa to 50 Riyals) will grow to be illegal tender beyond the replacement date and will not be accepted thereafter.

As for the fifth Issue, CBO mentioned banknotes of RO 50, RO 20, RO 10 and RO five, issued prior to November 1st, 1995, which do not have the shiny holographic safety strip on their front side will also grow to be 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 mentioned.

Information Source: Muscat Daily

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