Oman Central Bank Circular No. BM1188/2022
Imposition of Fines on Deposits Received from Operating Banks
To: All Banks Operating in the Sultanate of Oman
Subject: Imposition of Fines on Deposits Received from Operating Banks
Further to our previous circulars and instructions regarding the enhancement of the quality of cash in circulation in Sultanate of Oman, and to ensure the existence of an appropriate mechanism for the operating banks to count and sort banknotes in accordance with the rules and regulations set by the Central Bank of Oman,
the Central Bank of Oman decided to impose fines on deposits received from operating banks that do not follow the rules and regulations set by the Central Bank of Oman and as per the attached Annexure.
The fines shall apply on deposits received from operating banks starting from the date: September 01, 2022.
Best Regards,
Tahir Bin Salim Bin Abdullah Al Amri
Executive President
Risk | Case description | Accumulated Fines / Penalties From 1 to 5 incidents | Accumulated Fines / Penalties From 6 onwards |
High | Discovering a forged banknote in a bundle. | RO. 200 | RO. 400 |
Any bundle that is not properly packed and sealed in a plastic bag. | RO. 100 |