Oman Discontinues Certain Banknote Denominations
The Central Bank of Oman (CBO) Sunday declared a discontinuation of specific banknote denominations.
These banknotes will cease to be recognized as legal currency after a 360-day duration from the announcement. It will then be considered an illegal and non-negotiable currency:
The affected notes are those launched before the sixth issue of 2020, with issuances ranging from November 1995 to 2019, the CBO said in a statement.
The denominations facing discontinuation encompass a wide range, including 1,500 baisas, 200 baisas, 100 baisas from November 1995. They also include OMR 50, OMR 20, OMR 10, and OMR 5 from November 2000.
A commemorative OMR 1 note from 2005, a commemorative OMR 20 note from 2010, OMR 50, OMR 10, and OMR 5 notes from 2011 and 2012. A commemorative OMR 1 note from 2015 and an OMR 50 note from 2019. These banknotes will cease to be recognized as legal currencies after a 360-day duration from the announcement.
The CBO has strongly advised all individuals in possession of these notes to exchange them within the designated timeframe.
Post this period, these denominations will be considered illegal and non-negotiable currencies. “Anyone who owns the aforementioned banknotes and wishes to exchange them must do so. “Note that these currencies will become unusable and not cleared of liability as legal currency after the expiration of the period referred to,” a statement said.
