2019-07-31 Wed

The Central Bank of Oman officially announced that 31st July would be the final deadline for exchanging and replacing old banknotes. Banks, finance companies, citizens and residents were informed about this on 1st July. According to the official statement, old banknotes of Oman issued before 1st November 1995 will lose its legal tender status after 31st July.

These include the first series of Saidi rial banknotes that was released by Muscat Currency Authority in 1970. Banknotes of denominations such as 100 baisa, Quarter rial, Half rial, One rial, 5 rials and 10 rials are were issued in this series. The Oman Currency Board issued the second series of 100 baisa, Quarter rial, Half rial, One rial, 5 rials and 10 rials banknotes in 1972. The Central Bank of Oman had issued the third series of banknotes ranging from denominations 100 baisa to 50 rials in 1976. The fourth series of banknotes in the same denominations was issued again by the Central Bank of Oman in 1985. The fifth series was released in 1995. It comprised of banknotes bearing denominations like 50 rials, 20 rials, 10 rials and 5 rials. All these banknotes that were released before 1st November 1995 do not have a holographic security strip.

These Old notes are being replaced by the latest series at various CBO offices. Those who fail to get their old notes exchanged before the deadline will not be able to use them as legal tender for cash transactions.

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