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Oman Announces The Termination Of Several Banknotes By December 31, 2024; Take A Look

The Central Bank of Oman announced denominations of currencies are being terminated and they will be getting withdrawn from circulation.

by Anupriya Mishra
Oman Announces The Termination Of Several Banknotes By December 31, 2024; Take A Look

It was recently announced by the Central Bank of Oman that certain denominations of currencies are being terminated and they will be getting withdrawn from circulation. Yes according to a notification released by the government body on January 7 2024, it was mentioned that this process will be done within a maximum period of 360 days.

Central Bank of Oman Announces Termination Of Some Banknotes

The Central Bank of Oman recently issued a circular on January 7, notifying people that certain denominations of currency will no longer be in use after December 31, 2024. They will become out of circulation and will have no legal tender value! According to the notification released by the website, one of the denominations that the bank announced the end of their use included the banknotes of the fifth issue in 1995.

What Other Bank Notes Will Cease To Be In Circulation?

Oman Riyals
Pic credits: Canva

Other bank notes that will cease to be in circulation include –

  • The upgraded issue in 2000
  • The denomination of one riyal commemorative banknote 2005
  • The denomination of 20 riyals commemorative banknote 2010
  • The upgraded issue of 2011 and 2012
  • The denomination of one riyal commemorative banknote
  • The upgraded 50 Riyals banknote in 2019

Also Read: Dubai Ruler Unveils Plans To Build First Lunar Space Station; Will Send First Emirati Astronaut

They Will Be Replaced By Banknotes Of The Sixth Issue During The Given Period

Oman City
Pic credits: Canva

As it happens, the notification further urged people to replace these notes. So, as a result, it has directed all the banks in the Sultanate of Oman to accept the above-mentioned banknotes. Yes, and to replace them with the banknotes of the sixth issue during the given period. Not to mention, it has also asked institutions and retailers to accept these banknotes from the public and then deposit them in the banks of the sultanate.

So if you are a resident of the nation, then make sure to exchange these bank notes before the deadline ends on December 31, 2024.

Cover Image Courtesy: X/CentralBank_OM & Canva

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First Published: January 09, 2024 11:40 AM