Friday, February 23
11:57 PM

CBO to pull out some banknotes from circulation

7 Jan 2024 Central Bank ends use of some banknotes

Muscat – Central Bank of Oman (CBO) has issued a circular ending the use of certain denominations of currency which will be withdrawn from circulation within a maximum period of 360 days. These denominations will be deemed out of circulation and have no legal tender value after December 31, 2024.

The denominations listed in the circular include banknotes of the fifth issue of 1995, banknotes of the upgraded issue of 2000, RO1 commemorative banknotes of 2005, RO20 commemorative banknotes of 2010, banknotes of the upgraded issue of 2011 and 2012, RO1 commemorative banknotes and upgraded RO50 of 2019.

CBO directed all banks operating in the sultanate to accept the aforementioned banknotes and replace these during the aforementioned period. The bank also directed all institutions and retailers to accept these banknotes from the public and deposit these in banks operating in the sultanate.

© 2021 Apex Press and Publishing. All Rights Reserved. Powered by Mesdac