Regulatory Alerts2022-06-01
Bank of Uganda Circular on Paper £20 and £50 Banknotes
The Bank of Uganda directs commercial banks, credit institutions, microfinance deposit-taking institutions, and forex bureaus to notify customers and manage the impending withdrawal of paper Bank of England £20 and £50 notes. Citing market reports that some institutions are rejecting these notes, the circular mandates their continued acceptance ahead of the September 30, 2022 cessation date. Financial entities must implement necessary operational adjustments to ensure seamless circulation and prevent service disruptions for note holders.
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