The Central Bank of Oman (CBO) has officially announced that 15 banknotes will be phased out and will no longer be accepted as legal currency after December 31, 2024.
So, if you’ve got any of these bills sitting in your wallet or tucked away somewhere, it’s time to consider exchanging them.
Exchange them before the deadline to avoid losing their value.
Official Announcement
In a statement made on January 7, 2024, the CBO shared the details of the discontinuation on their twitter account.
#البنك_المركزي_العماني يعلن عن إنهاء استعمال فئات من العملة الوطنية وسحبها من التداول خلال مدة أقصاها 360 يومًا إبتداءً من يناير 2024م. وسوف تكون هذه الفئات ذات قيمة قانونية خلال هذه الفترة | 📢 pic.twitter.com/hzcyFdRJ1h
— البنك المركزي العماني (@CentralBank_OM) January 7, 2024
Which Banknotes Are Affected?
Issued in 1995
1. 100 Baisa
2. 200 Baisa
3. 1/2 Omani Rial
4. 1 Omani Rial
Issued in 2000
5. 5 Omani Rials
6. 10 Omani Rials
7. 20 Omani Rials
8. 50 Omani Rials
Issued in 2005
9. 1 Omani Rial commemorative issue
Issued in 2010
10. 20 Omani Rials commemorative issue
Issued in 2011 & 2012
11. 5 Omani Rials
12. 10 Omani Rials
13. 50 Omani Rials
Issued in 2015
14. 1 Omani Rial commemorative issue
Issued in 2019
15. 50 Omani Rials
Why Are These Banknotes Being Discontinued?
Like many other countries, Oman updates its currency from time to time to bring in new, more secure banknotes that are harder to fake.
The decision to phase out these old banknotes comes after a period where Oman introduced its new series of currency, rolled out in 2020 and 2021, replacing the previous notes.
The 15 banknotes, which were issued between 1995 and 2019, are being withdrawn as part of this upgrade.
What Happens After 31 December 2024?
Once the deadline passes, these banknotes will no longer be accepted as legal tender. That means you won’t be able to use them in transactions or deposit/exchange them at banks. In simple terms, their value as money will expire.
So if you are looking to make good on these notes value, now would be the time to act.
Ofcourse, if you wish, you could keep them as collectibles or mementos but do remember the Omani Rial is the 3rd most expensive currency in the world!
As per today’s (29 Oct 2024) OMR to INR Rate;
1 OMR = 218.4 INR
Also Read: 10 Most Expensive Currencies In The World: 2024
How to Exchange Your Discontinued Omani Banknotes
Exchanging these discontinued banknotes is straightforward.
- Visit Your Local Bank: The CBO has directed all banks across Oman to accept the discontinued notes and exchange them for new currency. So, whether you’re a regular bank customer or not, you can walk into any branch and request an exchange.
- Verify Your Notes: Before heading out, double-check that the notes you want to exchange are indeed on the list of discontinued denominations. It’s always better to be sure!
- Don’t Wait Until the Last Minute: While there’s no rush, it’s wise not to procrastinate. The last few weeks of December might see an influx of people looking to exchange their notes, which could lead to long queues or potential delays.
Why It’s Better to Exchange Your Notes Early
Although you have until the end of December 2024 to exchange your discontinued banknotes, there are several reasons why doing it sooner rather than later is a good idea.
For one, avoiding last-minute rushes means you can exchange your notes at your convenience without facing long wait times or potential bank holidays.
Plus, once the deadline passes, there’s no way to redeem these notes for their value, meaning any delay could result in a complete loss.
It’s always a good idea to stay ahead of deadlines, especially when it comes to something as important as your money.
For those looking to exchange foreign currency or transfer money internationally, ExTravelMoney offers competitive exchange rates and easy money transfer solutions. Visit ExTravelMoney.com to learn how we can assist with all your currency exchange needs.
Also Read: How To Exchange Foreign Currency In India – A Complete Guide
Subhash, with over 8 years of experience as a content writer in the finance niche, is the head of content at ExTravelMoney.com. His expertise spans international remittance, currency exchange, RBI regulations, and travel abroad, simplifying complex financial topics, and transforming them into accessible and engaging content.