Bank of Uganda Circular on Paper £20 and £50 Banknotes

BANK OF UGANDA

OFFICE OF THE EXECUTIVE DIRECTOR SUPERVISION

EDS.306.2

January 19, 2022

37-45 KAMPALA ROAD, P.O. BOX 7120, KAMPALA

DIRECT LINE: 256-414-230051 GENERAL LINE: 256-414-258441 Ext 2403 FAX LINE: 256-414-258515 TELEX: 256-414-61059 CABLES: UGABANK Email: info@bou.or.ug Website: www.bou.or.ug

Circular to all Commercial Banks, Credit Institutions, Microfinance Deposit-Taking Institutions, and Forex Bureaus and Money Remittance Businesses

Paper £20 and £50 Banknotes

Information available on the Bank of England website indicates that paper £20 and £50 notes will cease to be used on September 30, 2022. The Bank of Uganda will continue to monitor this development and provide further guidance at an appropriate time. Detailed information is available on https://www.bankofengland.co.uk/banknotes/exchanging-old-banknotes

Market information received by Bank of Uganda is that some Commercial Banks, Credit Institutions, Microfinance Deposit-Taking Institutions, and Forex Bureaus and Money Remittance Businesses are turning away customers with paper £20 and £50 notes.

This is to inform you of this development and request that you:

1. Notify your respective customers accordingly.
2. Take the necessary actions to manage this development.

[Signature]

Tumubweinee Twinemanzi (Dr.) Executive Director Supervision

Copy (n.o.o): Governor Deputy Governor Executive Director Operations Director NBFI Director Commercial Banking Director Currency Director Banking

Mission: To Foster Price Stability and a Sound Financial System Vision: To be a Centre of Excellence in Upholding Macroeconomic Stability