Muscat: The Central Bank of Oman (CBO) issued a circular today on terminating the use of certain denominations of currency which will be withdrawn from circulation within a maximum period of 360 days from its date. After 31st 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 (1995), the banknotes of the upgraded issue (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 (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.