The Central Bank of Oman announces the...

The Central Bank of Oman issued a circular today, 7^thJanuary 2024, regarding terminating the use of certain denominations of currency and withdrawing them from circulation within a maximum period of 360 days starting from its date. After 31^stDecember 2024, these denominations will become out of circulation and have no legal tender value.

The denominations that the bank announced the end of their use include the banknotes of the fifth issue in 1995, the banknotes of the upgraded issue in 2000, the banknote of the denomination of one riyal commemorative banknote 2005, the banknote of the denomination of twenty riyals commemorative banknote 2010, the banknotes of the upgraded issue of 2011 and 2012, the banknote of the denomination of one riyal commemorative banknote, and the upgraded Fifty Riyals banknote in 2019.

The Central Bank of Oman directed all banks operating in the Sultanate of Oman to accept the aforementioned banknotes and replace them with banknotes of the sixth issue during the aforementioned period. The Central Bank of Oman also directed all institutions and retailers to accept these banknotes from the public and then deposit them to the banks operating in the Sultanate of Oman.​