Deadline to exchange currency ends on Dec 31

The deadline to exchange currencies that will be pulled out of circulation is midnight on Tuesday, December 31, according to the Central Bank of Oman (CBO). The CBO, through a circular dated January 7, announced that certain denominations of currency would be withdrawn from circulation and would not be usable as legal tender after December 31. Following this date, these denominations will hold no legal tender value.

“Hence, we request all those who are in possession of these currencies to get them exchanged through banks or money exchanges before December 31,” a circular from the CBO stated. Meanwhile, banks in the Sultanate of Oman have urged their customers to exchange currencies that will be withdrawn from the economy by December 31 in exchange for valid currencies, as the earlier ones will cease to be legal tender.

“We urge our customers to exchange the currencies in their possession that will cease to be a legal tender on or before December 31,” banks said in messages to their customers.

Banks further informed customers that they could exchange the currencies by visiting their nearest branch or depositing them at any CDM location to ensure a smooth process.

Messages carrying this information have been sent to customers via mobile phones and emails. Customers have been warned that after this date, these banknotes will no longer be accepted.

The CBO statement further indicated that the banknotes to be withdrawn from circulation include the 1 Omani Rial, 1/2 Omani Rial, 200 Baisa, and 100 Baisa denominations issued by the Central Bank in November 1995.

The banknotes announced for withdrawal also include the fifth issue banknotes (1995), upgraded issue banknotes (2000), the one-rial commemorative banknote (2005), the twenty-rial commemorative banknote (2010), upgraded issue banknotes (2011 and 2012), the one-rial commemorative banknote, and the upgraded RO 50 banknote (2019).

The CBO has directed all banks operating in the Sultanate of Oman to accept these banknotes and replace them with banknotes of the sixth issue during the specified period.

The CBO also instructed all institutions and retailers to accept these banknotes from the public and deposit them in banks operating in the Sultanate of Oman.