Instances of currency counterfeiting in the Sultanate are minuscule, thanks largely to a robust system of detection and heightened vigilance on the part of banknote handlers, according to a top official of the Central Bank of Oman (CBO). Hamoud bin Sangour al Zadjali (pictured), Executive President, said cases of forgeries involving Omani banknotes were, on the one hand, relatively negligible in number, and on the other, crude in their attempt.
"We classify the detected and reported cases as insignificant in comparison to the detected cases of forgeries to the total values of the currency in circulation," he said. "The detected cases are found to be personal attempts using commercial scanners and printers. The quality of forgery is inferior and can easily be detected and noticed by the recipient or by the general public with a little care," Al Zadjali added in comments to the Observer. According to the official, banks and money exchange companies operating in the Sultanate are being constantly reminded about the importance of vigilance in detecting and thus combating currency counterfeiting.
The general public too can play an important role in supporting this effort, Al Zadjali stated. "Our advice to the general public is that each note must be viewed carefully to examine the presence and genuineness of its security features such as the watermark, security thread, and the holographic stripe. We also request the general public to report to Royal Oman Police the cases of forgeries they suspect or come across." A circular issued by the CBO earlier this year advised licensed banks and money exchanges operating in the Sultanate to be "cautious and vigilant" when accepting deposits from customers.
The circular (No 1066 dated May 12, 2010) urged tellers and cash handlers to "make sure that at least three security features of the first level of checking, are present and valid in the banknote", and not to rely on the verification of only one security feature. The memo also listed a number of guidelines that cash handlers must bear in mind when checking the authenticity of banknotes. For example, the genuineness of a banknote can be verified by touching and feeling the special intaglio printing used in currency notes.
Moreover, a banknote observed against ultraviolet (UV) light will clearly reveal the reflection of the serial number and signature of His Majesty the Sultan. Besides, the invisible fibres incorporated in the paper, will glow yellow, red and blue under UV light, the circular pointed out. In the wake of the CBO's intensive drive against currency counterfeiting, many banks have since organised special training programmes aimed at enhancing the ability of their cash handling staff in detecting forged banknotes.
Several leading money exchanges too have installed UV lamp-based readers and sophisticated note-counting machines to detect potential forgeries. The CBO has also been playing a frontline role in developing the capabilities of cash handlers in uncovering potential forgeries. In April, the apex bank's Currency Department enlisted the services of a German-based firm in conducting a special training workshop for local staff.
Conrad Prabhu
© Oman Daily Observer 2010
