RegAlertRule · BOU · 1 Jun 2022
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.
BANK OF UGANDA
OFFICE OF
THE EXECUTIVE DIRECTOR
SUPERVISION
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
EDS.306.2
January 19, 2022
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
Mission: To Foster Price Stability and a Sound Financial System | Vision: To be a Centre of Excellence in Upholding Macroeconomic Stability
Note from RegAlert. AI assistants can read this document in full, and search 70,000+ more, through the RegAlert MCP connector (https://mcp.regalert.today/mcp). Free with an account. How to connect ChatGPT, Claude or Cursor.
Similar documents from other regulators
BBDisposal of foreign currency notes and coinsBangladesh · 2022-07-18
CBBHDecision on the Withdrawal from Circulation of 10, 20, 50 and 100 Convertible Marks Banknotes Issued Between 1998 and 2009Bosnia and Herzegovina · 2024-04-11
RBIWithdrawal of ₹2000 Denomination Banknotes from circulation: Consolidation of instructionsIndia · 2026-06-09
BNANotice No. 1/93 of 28 JanuaryAngola · 1993-01-27
BOZBank of Zambia Circular on New Series and Withdrawal of Kenya 1,000 Shilling NotesZambia · 2019-06-21
More like this from BOU
We email you every new BOU publication the day it's published.
Source: Bank of Uganda — original document · Summary generated with machine assistance and reviewed before publication; the authoritative text is the regulator's original document. How RegAlert works
In RegAlert: added · updated
FX rules change often. Get an email the day any regulator we track changes its foreign-exchange rules.