2019-07-01 Mon

The Central Bank of Oman officially announced that after one month, all banknotes issued before 1st November 1995 are going to be demonetised. Banks and FLCs in the Sultanate, along with citizens and residents have been asked to get their old notes replaced within this time period.

Saudi Rial was the first issue of Oman which was released in 1970 by Muscat Currency Authority. Notes of denominations 100 Baisa, Quarter Rial, Half Rial, One Rial, 5 Rials, 10 Rials were a part of this series. The second set was introduced in 1972 by Oman Currency Board and banknotes of the same denominations were issued this time as well. A new set of banknotes ranging from 100 Baisa to 50 Rials were introduced in 1976 by Central Bank of Oman. The fourth series, introduced in 1985 by Central Bank of Oman, also had the same denominations as the 3rd Series. The fifth series was introduced on 1st November 1995. 50 Riyals, 20 Rials, 10 Rials and 5 Rials were issued without the holographic security strip on the obverse.

The above-mentioned banknotes can be replaced with the new issues at the Central Bank’s headquarters in Ruwi or its branches in Salalah and Sohar within 1 month.

Image Courtesy: The Central Bank of Oman