MUSCAT: Banks in Oman have urged their customers to get their currencies which are about to be banned by December 31, 2024 in exchange of the valid currencies as the earlier ones would stop to be legal tender.
The banks have also urged the customers in accordance with regulatory instructions to withdraw certain banknotes to exchange them before or by December 31 by visiting their nearest branch or deposit them at any CDM location to ensure a smooth process.
Customers have been left with a warning that after this date, these banknotes would no longer be accepted.
The Central Bank of Oman (CBO) had announced that certain denominations of currencies would be withdrawn from circulation and will not be useable as a legal tender after December 31, after which these denominations will have no legal tender value.
The denominations that the bank announced the end of their use include the banknotes of the fifth issue 1995, the banknotes of the upgraded issue 2000, the banknote of the denomination of one riyal commemorative banknote 2005, the banknote of the denomination of RO 20 commemorative banknote 2010, the banknotes of the upgraded issue 2011 and 2012, the banknote of the denomination of one riyal commemorative banknote and the upgraded RO 50 banknote 2019.
The CBO has directed all banks operating in Oman to accept the aforementioned banknotes and replace them with banknotes of the sixth issue during the aforementioned period. The CBO also directed all institutions and retailers to accept these banknotes from the public and then deposit them in the banks operating in the Sultanate of Oman.
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