“See, here is the new note of one rial,” my sister said, extending her hand with a faint smile of surprise.
I paused. My ten fingers froze mid-air above the keyboard of my aging Huawei laptop. I was preparing slides for my Principles of Finance lecture, immersed in theories of money, value and financial systems — until real money interrupted the theory. “Is this the one?” I asked, almost instinctively.
“Yes,” she replied.
I took the note gently, not merely as a citizen, but as someone whose professional instincts never truly retire. Years spent in fraud auditing leave a permanent imprint. I touched the note, tilted it, observed it closely — almost subconsciously “smelling” its authenticity. Auditing, after all, still lives quietly in my DNA.
What did I see?
I saw a note that was distinct, elegant and confidently recognisable. The new RO 1 banknote reflects a careful balance between heritage and modernity. It does not scream change; it reassures continuity. This is precisely what a national currency should do.
The Central Bank of Oman (CBO) deserves genuine praise for this issuance — not merely for printing a new note, but for reinforcing trust. Currency is not just paper. It is confidence. It is credibility. It is a silent contract between the state and its people.
The new RO 1 note carries advanced security features aligned with international best practices. Enhanced colour-shifting inks, clearer watermark visibility, refined tactile elements for public recognition, and improved anti-counterfeiting measures all signal a proactive and responsible central bank. These features are not cosmetic; they are defensive tools — protecting the economy, merchants, banks and ordinary citizens from fraud risks.
Importantly, the note is easy to authenticate, even for non-experts. In a world where counterfeit techniques evolve rapidly, recognisability is as critical as complexity. The CBO has clearly designed the note not only for machines and vaults, but for human hands.
Yet, as I held the note, a question naturally surfaced — perhaps an uncomfortable one, but an honest one.
Why cash?
Why, in an age of digital wallets, QR payments, mobile banking apps and loud promotions of “cashless societies", do we still print new banknotes?
On one side, we see governments and banks encouraging digital payments for efficiency, transparency and cost reduction. On the other hand, central banks continue to issue physical currency — carefully, deliberately and periodically.
This is not a contradiction. It is realism. Cash still matters.
Cash is inclusive. Not everyone is digitally connected at all times. Not every transaction happens within a stable network. Cash works when batteries die, systems fail, or connectivity disappears. It works quietly, without passwords or updates.
Cash is also psychological. It anchors value in something tangible. For many people — especially the elderly, small traders and rural communities — cash remains the most trusted financial instrument. A nation’s currency note carries symbols, history and identity that no app interface can fully replicate.
From a risk-management perspective, physical currency acts as a systemic backup. Even the most advanced digital economies maintain cash as a contingency layer. Financial resilience is not built on single channels; it thrives on options.
The CBO understands this balance well. While Oman advances steadily towards digital transformation and fintech adoption, the issuance of a new RO 1 note signals prudence, not resistance to progress. It reflects a central bank that thinks long-term — about stability, trust and preparedness.
As an educator, I see this note as a teaching tool. As a former banker and auditor, I see it as a safeguard. And as a citizen, I see it as reassurance.
The note returned to my sister’s hand, but the thought stayed with me.
In finance, we often debate instruments, platforms and technologies. Yet at the heart of every system lies trust. The new RO 1 note quietly reminds us that while money may evolve in form, confidence must always remain tangible. And sometimes, the most powerful financial messages are not delivered through screens — but passed silently, hand to hand.
Mohammed Anwar Al Balushi
The author works at UTAS
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