Uganda's Central bank on Thursday announced a move to phase out all currency notes by 30th March 2013, that were printed prior to 2010 in a move to leave in circulation
only the new notes and coins including the Golden jubile commemorative coin of shs.1000 denomination.
Addressing the press on Thursday, BoU deputy governor Dr. Louis Kasekende,said the denominations to be phased-out are sh1,000, sh5,000, sh10,000, sh20,000 and sh50,000 including the shs.10,000 note that was printed in commemoration of the 2007 Common wealth Heads Of Government Meeting (CHOGM)held in Uganda.
“Bank of Uganda informs the public that in exercise of the powers conferred upon it by Section 23 (3) of the BoU Act, the 1987 series bank notes will cease to be legal tender on March 30, 2013,”said Kasekende.
He said BoU had directed all commercial banks to stop issuing the 1987 series bank notes to their customers. “We had discussions with all commercial banks and sent out a circular, asking them to stop issuing the bank notes with immediate effect,”
The notes that are set to be phased out of circulation by Bank of Uganda.
“The public may continue to transact normally using the 1987 series bank notes already in circulation up to March 30, 2013. Thereafter, the bank notes will not be acceptable for transactions,” Kasekende emphasized.
Beyond the March 30 deadline, the public will only be able to exchange their 1987 series bank notes at the Bank of Uganda offices in Kampala, Jinja, Mbale, Gulu, Mbarara,Arua, Kabale, Masaka and Fort Portal. This will only be allowed up to December 31, 2013.
The public is therefore advised to take these old notes to their banking partners to avoid inconveniences once the deadline has elapsed.
only the new notes and coins including the Golden jubile commemorative coin of shs.1000 denomination.
Addressing the press on Thursday, BoU deputy governor Dr. Louis Kasekende,said the denominations to be phased-out are sh1,000, sh5,000, sh10,000, sh20,000 and sh50,000 including the shs.10,000 note that was printed in commemoration of the 2007 Common wealth Heads Of Government Meeting (CHOGM)held in Uganda.
“Bank of Uganda informs the public that in exercise of the powers conferred upon it by Section 23 (3) of the BoU Act, the 1987 series bank notes will cease to be legal tender on March 30, 2013,”said Kasekende.
He said BoU had directed all commercial banks to stop issuing the 1987 series bank notes to their customers. “We had discussions with all commercial banks and sent out a circular, asking them to stop issuing the bank notes with immediate effect,”
“The public may continue to transact normally using the 1987 series bank notes already in circulation up to March 30, 2013. Thereafter, the bank notes will not be acceptable for transactions,” Kasekende emphasized.
Beyond the March 30 deadline, the public will only be able to exchange their 1987 series bank notes at the Bank of Uganda offices in Kampala, Jinja, Mbale, Gulu, Mbarara,Arua, Kabale, Masaka and Fort Portal. This will only be allowed up to December 31, 2013.
The public is therefore advised to take these old notes to their banking partners to avoid inconveniences once the deadline has elapsed.
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