Bank of Uganda (BoU) has issued new cheque value limits revising them downward.
According to the circular by Michael Antingi the Deputy Governor BoU issued to the chief executive officers of commercial banks, credit institutions and microfinance deposit taking institutions on Wednesday, the value limits affected are for the Ugandan shillings, the US Dollar, Euro, Great British Pound and the kenyan shilling.
The changes were made after a “No objection” received from Uganda Bankers Association in line with section 43 of the clearing house rules and procedures.
Administrative arrangements and time lines.
15th July 2021 BoU circular win be sent to all SFIs announcing the phasing out of old cheque limits then on the 15th of January 2022, cheques issued with the old limit threshold stops being honoured and on 17th January 2022, nee cheque limits threshold will take effect.
