Muscat: The Central Bank of Oman (CBO) said that it will stop receiving cash deposits for small currencies of the denominations one hundred Baisas to RO 1, starting from Sunday, March 29, until the end of Eid Al Adha 1441 AH.
The CBO issued a circular to commercial banks confirming that it is working to improve the recirculation of currency to ensure the reduced withdrawal of larger denominations of RO 5 to RO 50 adding that the CBO will not issue new banknotes for the coming Eid.
The bank stated that it will not issue new banknotes for the next two days.
It is noteworthy that the Central Bank’s decision came in light of the procedures taken by the Supreme Committee in charge of devising a mechanism to tackle the spread of Covid-19 outbreak.
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