CBO urges public to replace old banknotes before year-end

Muscat: The Central Bank of Oman (CBO) reiterated that there is a five-month grace period left for the public to replace banknotes issued before 2020.

In a statement, the CBO noted that completing this process by December 31, 2024 is crucial, as old banknotes will no longer be considered legal tender after this date.

“Public cooperation is required to ensure a smooth transition and avoid any last-minute rush or inconvenience”, the CBO emphasised.

Meanwhile, the Central Bank issued a circular on January 7, 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, noting that after December 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.