Regulatory Alerts2022-06-01
Bank of Uganda Circular on Paper £20 and £50 Banknotes
The Bank of Uganda directed all commercial banks, credit institutions, microfinance deposit-taking institutions, forex bureaus, and money remittance businesses to address the impending withdrawal of paper £20 and £50 banknotes from circulation in the United Kingdom. Following reports that local financial institutions are rejecting these notes, the central bank highlighted their September 30, 2022 cessation date and directed entities to actively manage customer transactions. Affected institutions must promptly notify customers and implement necessary operational measures to ensure continued acceptance or proper handling of the transitioning currency.
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